In cases wherein the investors are involved, the regulatory authority does not provide relief considering the vested interest of the investor.
Mumbai: Tribunal under the Maharashtra Real Estate Regulatory Authority (MahaRERA) in its recent order stressed that an ‘Investment agreement’ between the promoter and allottee, will not eclipse the right of the allottee. The complainant had urged complete refund of his amount with interest. However, this was dismissed by MahaRERA court branding the complainant as an investor and not a genuine purchaser. The tribunal has now ordered to revisit the case.
The complainant Sunil Dias had appealed against RERA order, which was passed in favour of Omkar Ventures, the developer. “It cannot be said that virtue of investment agreement as on May 27, 2013, the original complainant becomes an investor. Since the subsequent receipts issued by the promoter to the allottee to illustrate that it was towards purchase of an apartment as an allottee. Branding the agreement of an investment agreement will not eclipse the rights of allottee under RERA act,” read the order. This over turns the judgement given by MahaRERA on June 1, 2018, denying interest relief to the complainant under section 18 of the RERA act.
In cases wherein the investors are involved, the regulatory authority does not provide relief considering the vested interest of the investor. However in this case, Justice K.U. Chandiwal has ordered the chairperson of RERA or the adjudicating officer for deciding the complaint on its merits and in the light of complaint filed by the complainant.