Summary:
He was ordered to pay 10.4% interest on Rs 50 lakh advance paid by the homebuyer from January 2016 till the time he hands over the possession. The homebuyer Anand Tambe approached MahaRERA stating that he had booked a flat in the building named Navnath Paradise, the agreed date of possession was December 2015. However, he did not get possession till now and was seeking interest on the amount he has paid to the developer on account of delay in possession. The developer contended that since it was an SRA project, he had to comply with various sanctions norms laid down by the authority, which delayed the approvals. Apart from paying 10.4% interest, the developer was asked to pay the home buyer Rs 20,000 towards the cost of the complaint..