MahaRERA Orders Mont Vert Elegance to Pay Delay Interest to 26 Pune Homebuyers

Pune, 22nd July 2026: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Mont Vert Elegance to pay interest to 26 homebuyers over the delayed possession of flats in its Mont Vert Belcreek project at Bhugaon in Pune’s Mulshi taluka.

The buyers approached the authority seeking possession of their flats with occupancy certificates, along with interest and compensation for the delay. Their agreements reportedly stipulated May 31, 2025, as the possession deadline, but the promoter failed to complete the project and hand over the flats within the agreed period.

MahaRERA partly allowed the complaints and directed the promoter to pay interest for every month of delay from June 1, 2025, until possession is offered with an occupancy certificate.

The interest will be calculated on the actual amount paid by each complainant towards the consideration of the respective flat. The applicable rate will be the State Bank of India’s Marginal Cost of Funds-based Lending Rate plus two percentage points, as prescribed under the Real Estate (Regulation and Development) Act, 2016, and the rules framed under it.

Amounts paid towards stamp duty, registration charges and government taxes will not be considered while calculating the delayed-possession interest.

The promoter attributed the delay to financial difficulties, liquidity problems, contractor-related issues, payment defaults by other allottees and proceedings initiated by a lender under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. It also cited the lapse of the project’s MahaRERA registration and difficulties in securing consent from allottees for an extension.

MahaRERA observed that although these circumstances might explain why the project was delayed, they could not absolve the promoter of its statutory and contractual obligations. The authority said the promoter’s liability arose from its failure to hand over possession by the deadline stipulated in the registered agreements for sale.

It further noted that an experienced promoter should be aware of the commercial, financial and regulatory risks involved in developing a real estate project. If a delay was anticipated, the promoter could have revised the possession schedule through supplementary agreements with the buyers or adopted another legally permissible course.

However, to prevent an immediate outflow of funds from affecting the project’s completion, MahaRERA directed that the accumulated interest be paid to the homebuyers only after the occupancy certificate is obtained.

At the time of possession, the promoter may adjust any outstanding dues and applicable interest payable by a buyer against the delayed-possession interest owed to that buyer. Any remaining balance must be settled by the concerned party when possession is handed over.

The authority rejected the buyers’ separate claims for compensation, holding that those who intended to remain in the project and accept possession were entitled to interest for the delayed period under Section 18 of the Act.