A real estate dispute between IIRF India VIII Ltd. and Rare Township Pvt. Ltd. has been resolved amicably. The two companies reached an agreement and the matter was settled before the Maharashtra Real Estate Appellate Tribunal. The dispute resolution was confirmed by authorized representatives of both parties, and pending applications were disposed of. This article provides an in-depth look at the resolution of the dispute.
The dispute between IIRF India VIII Ltd. and Rare Township Pvt. Ltd. was related to a real estate project in Maharashtra. The disagreement centered around the allotment of land, which had caused significant delays in the project's completion. The dispute had been ongoing for some time, and both parties had approached the Maharashtra Real Estate Appellate Tribunal seeking a resolution.
After several rounds of discussions, the parties reached an agreement to settle the dispute amicably. The authorized representatives of both parties signed the consent terms, which were duly executed along with the resolution of IIRF India VIII Ltd. The terms of the agreement have not been made public, but it is understood that they include an undertaking by both parties to complete the project as soon as possible.
During the proceedings, the authorized representatives of IIRF India VIII Ltd. and Rare Township Pvt. Ltd. confirmed that they had signed the consent terms and identified their signatures. They also stated that they had signed the agreement with their free will and as per the authorization received by them. The counsel for Respondent Nos. 2, 3 & 4 submitted an application, which was also consented to by the counsel for IIRF India VIII Ltd. This resulted in the deletion of the names of Respondent Nos. 2, 3 & 4 from the array of the Respondents in the captioned appeal.
The captioned appeal was disposed of as settled, in terms of the consent terms, including the undertaking mentioned therein. As a result, the pending miscellaneous applications were also disposed of. The tribunal did not pass any order as to costs.
In conclusion, the real estate dispute between IIRF India VIII Ltd. and Rare Township Pvt. Ltd. has been amicably settled through mutual agreement. The parties involved have signed and executed the consent terms, with the authorized representatives confirming that they signed with their free will and as per their authorization. The Maharashtra Real Estate Appellate Tribunal has disposed of the appeal in light of the agreement, and pending miscellaneous applications have been disposed of as well. This outcome not only puts an end to the legal dispute but also avoids further time and resource consumption in litigation. It is a positive development for the real estate industry, highlighting the importance of alternative dispute resolution mechanisms in resolving disputes amicably and efficiently.
Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances.
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