Taking account of three Pune-based real estate development house the Maharashtra Real Estate Regulatory Authority (MahaRera) has asked Marvel Realtors to pay up a monthly rent of Rs. 15,000 to the owners of 3 bhk apartments in their residential project Marvel Brisa, located at Balewadi. Under any circumstances, if the company fails to fully develop any 18-storey residential towers of the two, by March 2018.
At a glance the project Marvel Birsa
Developed by Marvel Realtors, Marvel Birsa is a luxury residential project, offering total 110 apartments with of 2/3 and 3.5 bhk lifestyle apartments and penthouses in tower A and B. This project is located at prime property location. As an additional benefit, it’s in close proximity (3 km) to the software hub Hinjewadi and linked with Mumbai-Pune Expressway.
Reportedly, three individual flat owners, Rohit Kaushal (B-401), Shrikant Pradhan (1902), and Tan wir Bagwan (1802) had filed separate complaints against the builder under Section 18 of the revised Real Estate (Regulation and Development) Act, 2016, for not finishing Building B of Marvel Brisa by the mentioned deadline according to the sale agreement.
Acting on which, the Adjudicating officer Bhalchandra Kapadnis, an active member, MahaRera, said in his order: “The parties have amicably settled their dispute in terms of consent which are taken on record and is part of the order. The complainant does not want to proceed further and hence the complaint is disposed of.”
Apparently both of the developer and the buyers agreed upon the compliance and filed before the adjudicating officer, the Marvel Group promised to complete the remaining construction by March 31, 2018 and thereon apply for the occupancy certificates. In case he fails to fulfil his promise, and unable to complete the construction, then he will have to pay a rent of Rs 15,000 per month for each of the 3 bhk apartments.
The developer also clinched the deal confirming Rs 1cr deposition in the society account for the communication and conveyance purpose of the Marvel Brisa Society. Other than the flat owners the conveyance of the common areas will be in control of the society. This is the first time when MahaRERA has asked a developer to pay rent to the homebuyers, in case the project is not completed by March 31, 2018.
Marvel Birsa is one of the under construction projects, among the 22 other luxury projects Marvel has undertaken in Pune. As per the developer’s website, it also has three commercial ongoing projects including the 10-storey Marvel Edge in Viman Nagar, seven-storey Marvel Fuego at Magarpatta Road (with office space and shops), and Marvel Sangria Boulevard, a pedestrian shopping plaza on NIBM Road.
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