Mumbai, October 13, 2026: The Maharashtra Real Estate Appellate Tribunal (MahaREAT) has directed Purva Oak Private Limited to refund Rs 1.85 crore, along with interest, to a homebuyer who sought relief over delayed possession of a flat in the One Park Avenue project on Ghodbunder Road, Thane.
In its order dated October 9, 2026, the tribunal partly allowed the appeal filed by Vikram Kapoor, a homebuyer, against an order passed by the Maharashtra Real Estate Regulatory Authority (MahaRERA) on September 2, 2021, dismissing his complaint as premature.
Homebuyer Challenges Delayed Possession
Kapoor had booked a three-bedroom flat for Rs 1.97 crore under an agreement for sale executed on February 1, 2018, with possession scheduled on or before December 31, 2021.
He had also availed a housing loan of Rs 1.73 crore under a subvention scheme, wherein the original promoter had agreed to service the loan interest until possession.
The tribunal held that the extension of the project completion date granted by the regulatory authority did not alter the contractual date for handing over possession. It observed that the promoters had accepted part consideration and executed the agreement but failed to deliver possession by the agreed date.
Refund And Interest Ordered
The tribunal directed Purva Oak, the incumbent promoter, to refund Rs 1,85,99,612, excluding Rs 14,10,604 paid towards stamp duty and other taxes, with interest calculated at the State Bank of India’s highest Marginal Cost of Lending Rate (MCLR) plus 2%, from the respective dates of payment until realisation. The payment must be made within 30 days.
Cancellation Deed And Additional Costs
The order also directs the promoter to execute a deed of cancellation within 45 days of payment, enabling the buyer to seek a refund of government charges. Failure to do so would require the promoter to pay the Rs 14.10 lakh amount within a further month. The tribunal additionally awarded Rs 25,000 in costs.
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The ruling refers to Section 18(1)(a) and Section 15(2) of the Real Estate (Regulation and Development) Act, 2016, concerning relief for delayed possession and the obligations of an incoming promoter following a project transfer.
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