Mumbai property registrations hit 14-year August high at 12,401 units
In August, Mumbai experienced an impressive eleven percent rise in property registrations year-on-year, marking the highest number for the month in over fourteen years. This surge indicates strong demand in both the primary and secondary housing markets. Ongoing buyer interest and favorable economic factors bolster the market's resilience, urging developers to emphasize project execution as they…
A Dubai-based buyer won a property dispute with a Mumbai builder, receiving a full refund with interest totaling nearly ₹1.33 crore. The Maharashtra Real Estate Appellate Tribunal (MahaREAT) ruled in favor of the buyer, rejecting the builder's arbitrary clause that allowed forfeiture of up to 10% of the purchase price. The tribunal found that repayment could not indefinitely depend on another future sale, as the builder had already used the buyer's money for several years.
Additionally, the buyer was entitled to repayment with interest due to several statutory violations by the builder, including accepting substantial payments without executing registered sale agreements and failing to provide possession by the promised date. The interest applied from each payment date until the final realization, with the rate set at SBI's highest marginal lending rate plus two percentage points.
Written by urgent.news from Live Mint's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
