According to the reports the Maharashtra Real Estate Regulatory Authority (MahaRERA) has instructed the Thane collector to attach the property of a builder and recover dues of Rs 80 lakh for delayed possession of flats and pay to the buyers.

Attach property of defaulting builder, MahaRERA tells Thane collector

Last December the residents of Atlantis approached MahaRERA when they failed to get possession of their flats and also dues payable by the builder for delay in possession. Last week Dr. Vasant Prabhu, Secretary MahaRERA issued recovery warrant which gave sense of relief to the 15 residents who had invested in the Atlantis project in Panchpakhadi area of Thane.

The project involves two multi-storeyed buildings with nearly 150 flats was to be completed in 2012 but got delayed following which buyers approached the RERA in 2018 that directed the developer to pay interest to buyers starting March 2019 till the time they got their homes.

Last December matter was heard by the RERA wherein the developer refuted claims of residents and sought dismissal of the application which was rejected by the body. “It is clear the builder delayed payment of interest amount to the buyers as per previous order issued by the MahaRERA and also failed to hand over possession to them. The residents are entitled to seek interest,” said the order by Dr. Prabhu.

Vinod Doulatani, director at the STG group developing the project told TOI that the interest amount as quoted by the residents isn’t verified and needs rectification. Nonetheless, the developer claimed he will soon approach residents to take possession of their flats and settle the issue at the earliest.