Investor isn’t allotee; just co-promoter: Rera
In an interesting ruling, Maharashtra Real Estate Regulatory Authority (MahaRERA) has dismissed a complaint made by an investor against a developer for not adhering to a possession deadline, saying he is a partner in the project as a co-promoter.
The essence of this order is that authority will choose end-users or homebuyers over investors, giving preference to their grievances.
Investor Mahesh Pariani had filed a complaint against Monarch Solitaire, for neither giving possession on the stipulated deadline nor refunding his money with interest. The authority dismissed the complaint saying that as Pariani is an investor and not an allottee and is sharing the profit, he becomes the project’s co-promoter.
Pariani had complained to MahaRERA that he invested in the residential project known as ‘Monarch Solitaire’ and reserved four apartments in it in 2014. The project is registered under MahaRERA as per registration number P51700012008. Pariani complained that after the stipulated deadline had crossed, the developer neither gave back his invested money, plus interest, nor is it giving the possession of his apartments. He hoped MahaRERA should pass an appropriate order for recovery of the principal amount with interest
While going through the documents, the authority found out that Pariani and developer …read more
