MahaRERA Orders Refund for Kalpataru Yashodhan Buyers

Maharashtra’s real estate regulator, MahaRERA, has directed the promoter of the Kalpataru Yashodhan project in Mumbai to refund approximately Rs 1.4 crore with interest to a homebuyer couple. The buyers had paid the full amount for an apartment in 2017, but the developer failed to provide possession by the agreed 2018 deadline. Instead of handing over the flat or signing a sale agreement, the promoter forfeited the payment and re-sold the unit. MahaRERA ruled this action arbitrary and in violation of RERA norms, mandating the refund with interest at the benchmark SBI highest MCLR plus 2%.