10 yrs & counting: Endless wait for Shirur project homebuyers

Auction Held Up As Land Mortgaged With Bank:

Pune: In order to make their father, who was 56 at the time, the proud owner of a home, accountant Rahul Patil and his brother Hemant reserved a unit in a construction project in the Shirur taluka in 2011.
The brothers have not yet taken possession of the property, despite the developer having guaranteed delivery by October 2014. And in the meantime, following a protracted search for a home he could call his own, their father passed away in 2017.

There were 13 people who reserved apartments in the project, including Rahul, who is paying rent while also making mortgage payments. All of them have been frantically rushing from one government office to the next in the hopes of receiving their just compensation and the house they had reserved, which MahaRERA had ordered in 2018 but which the Covid-19 outbreak prevented from being carried out.

We contacted the district consumer court after realising that the project was far from finished, but in vain because the compensation amount was more than Rs 1 crore. We went to Maha-RERA to get our matter taken up after RERA went into effect. Finally, on June 8, 2018, Maha- RERA issued a decision in our favour, which instructed the builder to reimburse us for the booking cost plus a 10% annual interest rate. A nationalised bank informed the tehsildar in a letter that the project land was mortgaged with it when the government began the auction proceedings on June 14, 2023, stopping the process.

Another complainant, Vikas Malpote (34), who had reserved a one-bedroom flat in the development, questioned why the government couldn’t auction off the plot to raise money to pay the bank and him and her. We are all paying rent to EMIS and making mortgage payments on the promised apartments.
“The builder did give us a cheque for Rs 6.5 lakh each before the auction and promised to settle the amount in phases, but the checks bounced twice,” said Rahul.

The project’s other investor, farmer Satish Khaire (41) of Wadgaonsheri, remarked, “I wonder how these developers can go scot-free even after defaulting on their loan payments and continue to take up projects.”
“We stopped the auction process as the developer defaulted on loan payment and the property is mortgaged with us,” a senior bank official stated. We want the entire property, not just a portion of it, to be put up for auction by the tehsildar’s office. It would be challenging for us to auction off the remaining portions of the property if they sell off some of it at auction. Ajoy Mehta, the head of MahaRERA, declined to comment on the situation.

 

 

 

Leave a Comment

Your email address will not be published. Required fields are marked *