MUMBAI: The MahaRERA, in an order on Jan 16, directed Honest Shelters to hand over possession of six flats in the “Palais Royale” project at Worli to India Infoline Finance Limited (IIFL) and asked the promoter to pay interest for delayed possession of the flats.
MahaRERA chairman Manoj Saunik, in his order, also directed the official liquidator to hand over the possession of the flats in his custody to the promoter for completing the construction. Thereafter, the promoter was to hand over possession of the same to IIFL with an occupancy certificate.
The Palais Royale project was acquired by Honest Shelters Private Limited from Shree Ram Urban Infrastructure after an auction was carried out by Indiabulls Housing Finance in 2019. The IIFL acquired the flats from the original flat purchasers by deed of transfer cum assignment for non-fulfilment of the terms and conditions of mortgage deeds pertaining to the flats. Subsequently, Honest Shelters issued a demand cum termination notice to IIFL to pay outstanding dues, including the transfer fees for the flats. While promoter Honest Shelters moved MahaRERA seeking a directive to execute a cancellation deed regarding the flats, IIFL filed complaints against the promoter and sought directions for handing over the possession of the flats to IIFL along with interest for delayed possession of the subject flats.
The promoter contended that mere reproduction of the clauses of the deed of assignment does not grant the owner the right, title, or interests over the flat and that despite repeated reminders and emails, IIFL failed to provide the receipts and documents relating to the payments made for the flats. The deed of transfer cum assignment was executed prior to the promoter taking over the said project from SRUIL.
However, IIFL contended that the subject flats do not form part of the auction conducted under the provisions of the SARFAESI Act and that the original flat purchasers agreed to sell and transfer their right over the said flats in favour of IIFL, making IIFL an allottee with respect to the said flats. According to IIFL, the promoter failed to hand over the possession of the said flat as promised in the agreement for sale.
The MahaRERA found that the erstwhile allottees of IIFL flats made complete payment towards the cost of their flats according to the agreements and that IIFL is an allottee with respect to the subject flats. The authority also said that the promoter failed to prove that the allottees are defaulters with respect to their obligations mentioned in the agreement, and the termination notices issued by the promoter are held as invalid. The regulator concluded that the promoter failed to hand over possession along with an occupancy certificate by the date of possession mentioned in the respective agreements. Mumbai: The MahaRERA, in an order on Jan 16, directed Honest Shelters to hand over possession of six flats in the “Palais Royale” project at Worli to India Infoline Finance Limited (IIFL) and asked the promoter to pay interest for delayed possession of the flats. MahaRERA chairman Manoj Saunik, in his order, also directed the official liquidator to hand over the possession of the flats in his custody to the promoter for completing the construction. Thereafter, the promoter was to hand over possession of the same to IIFL with an occupancy certificate.
The Palais Royale project was acquired by Honest Shelters Private Limited from Shree Ram Urban Infrastructure after an auction was carried out by Indiabulls Housing Finance in 2019. The IIFL acquired the flats from the original flat purchasers by deed of transfer cum assignment for non-fulfilment of the terms and conditions of mortgage deeds pertaining to the flats. Subsequently, Honest Shelters issued a demand cum termination notice to IIFL to pay outstanding dues, including the transfer fees for the flats. While promoter Honest Shelters moved MahaRERA seeking a directive to execute a cancellation deed regarding the flats, IIFL filed complaints against the promoter and sought directions for handing over the possession of the flats to IIFL along with interest for delayed possession of the subject flats.
The promoter contended that mere reproduction of the clauses of the deed of assignment does not grant the owner the right, title, or interests over the flat and that despite repeated reminders and emails, IIFL failed to provide the receipts and documents relating to the payments made for the flats. The deed of transfer cum assignment was executed prior to the promoter taking over the said project from SRUIL.
However, IIFL contended that the subject flats do not form part of the auction conducted under the provisions of the SARFAESI Act and that the original flat purchasers agreed to sell and transfer their right over the said flats in favour of IIFL, making IIFL an allottee with respect to the said flats. According to IIFL, the promoter failed to hand over the possession of the said flat as promised in the agreement for sale.
The MahaRERA found that the erstwhile allottees of IIFL flats made complete payment towards the cost of their flats according to the agreements and that IIFL is an allottee with respect to the subject flats. The authority also said that the promoter failed to prove that the allottees are defaulters with respect to their obligations mentioned in the agreement, and the termination notices issued by the promoter are held as invalid. The regulator concluded that the promoter failed to hand over possession along with an occupancy certificate by the date of possession mentioned in the respective agreements.
Source Homevior.in
