MUMBAI: Maharela in its January 16 order directs Honest Shelters to hand over ownership of six apartments in Worli’s ‘Palais Royale’ project to India Infoline Finance Limited (IIFL). and asked the promoter to pay interest for the delay in ownership. Apartment. Maharela chairman Manoj Saunik, in his order, also directed the official liquidator to hand over ownership of the apartments under its control to the promoters for completion of construction. Thereafter, the promoters were to hand over the ownership along with the certificate of occupancy to IIFL.
The Palais Royal project was acquired by Honest Shelters Private Limited from Shree Ram Urban Infrastructure after an auction was conducted by Indiabulls Housing Finance in 2019. IIFL acquired the flat from the original flat purchaser by way of assignment-cum-assignment deed for breach of contract. Terms of the mortgage deed relating to the apartment. Subsequently, Honest Shelters issued a notice of termination to IIFL seeking payment of outstanding dues including transfer fee of the flat. While the promoter Honest Shelters seeks directions to Maharela to execute a quitclaim deed in respect of the flats, IIFL has filed a complaint against the promoters and has transferred the possession of the flats to IIFL along with interest for delay in taking possession of the subject flats. He asked for instructions to hand over the matter.
The promoters are of the opinion that mere reproduction of the terms of the transfer deed does not confer any right, title or interest on the owner of the apartment and that despite repeated reminders and emails, IIFL has not received any receipts regarding the payments made. He claimed that he did not provide any books or documents. For apartments. The assignment-cum-transfer deed was executed before the promoter took over the said project from SRUIL.
However, IIFL stated that the subject flats did not form part of the auction conducted under the provisions of the SARFAESI Act and that the original flat purchasers had decided to sell and transfer the rights to the flats in favor of IIFL. It agreed and claimed that IIFL was the allottee. Regarding the above apartment. According to IIFL, the promoter did not hand over possession of the apartment as promised in the sale agreement.
Maharela disclosed that the previous allottees of the IIFL flats had paid the full cost of the flats as per the agreement and IIFL was the allottee in respect of the subject flats. The authority also said that the promoters have not been able to prove that the allottee is a defaulter of the obligations stated in the contract and the termination notice issued by the promoters is invalid. The regulator concluded that the promoters failed to hand over the ownership along with the certificate of occupancy by the possession date stated in the respective contracts.
MUMBAI: Maharela in a January 16 order directs Honest Shelters to hand over ownership of six apartments in Worli’s ‘Palais Royale’ project to India Infoline Finance Limited (IIFL). and asked the promoter to pay interest for the delay in ownership. Apartment. Maharela chairman Manoj Saunik, in his order, also directed the official liquidator to hand over ownership of the apartments under its control to the promoters for completion of construction. Thereafter, the promoters were to hand over the ownership along with the certificate of occupancy to IIFL.
The Palais Royal project was acquired by Honest Shelters Private Limited from Shree Ram Urban Infrastructure after an auction was conducted by Indiabulls Housing Finance in 2019. IIFL acquired the flat from the original flat purchaser by way of assignment-cum-assignment deed for breach of contract. Terms of the mortgage deed relating to the apartment. Subsequently, Honest Shelters issued a notice of termination to IIFL seeking payment of outstanding dues including transfer fee of the flat. While the promoter Honest Shelters seeks directions to Maharela to execute a quitclaim deed in respect of the flats, IIFL has filed a complaint against the promoters and has transferred the possession of the flats to IIFL along with interest for delay in taking possession of the subject flats. He asked for instructions to hand over the matter.
The promoters are of the opinion that mere reproduction of the terms of the transfer deed does not confer any right, title or interest on the owner of the apartment and that despite repeated reminders and emails, IIFL has not received any receipts regarding the payments made. He claimed that he did not provide any books or documents. For apartments. The assignment-cum-transfer deed was executed before the promoter took over the said project from SRUIL.
However, IIFL stated that the subject flats did not form part of the auction conducted under the provisions of the SARFAESI Act and that the original flat purchasers had decided to sell and transfer the rights to the flats in favor of IIFL. It agreed and claimed that IIFL was the allottee. Regarding the above apartment. According to IIFL, the promoter did not hand over possession of the apartment as promised in the sale agreement.
Maharela disclosed that the previous allottees of the IIFL flats had paid the full cost of the flats as per the agreement and IIFL was the allottee in respect of the subject flats. The authority also said that the promoters have not been able to prove that the allottee is a defaulter of the obligations stated in the contract and the termination notice issued by the promoters is invalid. The regulator concluded that the promoters failed to hand over the ownership along with the certificate of occupancy by the possession date stated in the respective contracts.
