MahaRERA Directs L&T to Deduct Only 2% While Terminating Booking of NRI Homebuyer
While considering a complaint submitted by an Abu Dhabi homebuyer, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has instructed Larsen & Toubro (L&T) to take only 2% of the sum previously paid and return the remaining amount.
This is the regulator’s second such decision following a comparable case involving Godrej Properties.
The conglomerate’s real estate division, L&T Realty, developed a property in Mumbai’s Kurla neighborhood. The non-resident Indian (NRI) paid more than Rs 25 lakh toward the project’s overall cost of Rs 2.29 crore.
Nevertheless, L&T subsequently cancelled the reservation since the outstanding sum was not paid. With the buyer, L&T made an offer of Rs 17 lakh, deducting more than Rs 8 lakh due to cancellation charges, or around 3.49 percent of the entire flat price.
