Negative impactCompany
Dubai-based Indian cancelled 2 flats, builder claims deductions; why MahaREAT ordered full refund
Times of India 3 hrs ago·24 Sept 2026, 2:27 pm
The Maharashtra Real Estate Appellate Tribunal (MahaREAT) has ruled in favor of a homebuyer against a Dubai-based developer. The tribunal ordered the builder to refund the total amount paid for two flats, amounting to Rs 1.15 crore, along with interest at the State Bank of India's Marginal Cost of Lending Rate plus 2%. This decision overturns the builder's claim that they were entitled to deductions for cancelled units.
This ruling is significant for investors as it reinforces the legal recourse available to homebuyers facing project delays or cancellations. It highlights the importance of strict adherence to contractual agreements and fair compensation practices in the real estate sector. For investors, this serves as a reminder to monitor the regulatory environment and the enforcement of consumer rights in the housing market.
Investors should watch for any updates on the builder's ability to comply with the order and the potential impact on their financial performance. The outcome could influence the builder's liquidity and future project commitments. Additionally, monitoring the interest rate environment is crucial, as the ruling links the refund amount to SBI's MCLR plus a premium.
Excerpt from Times of India
Dubai-based Indian bought two Mumbai flats, but later cancelled them after delayed possession; builder sought deductions, but MahaREAT orders full Rs 1.15 crore refund plus interest Why did the homebuyer win relief and refund? Within 15 days of the allotment letter: No deduction can be made. Within 16 to 30 days of…Read the original at Times of India
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