MahaRERA Directs Lucina Land Development To Refund Homebuyer's Money After Deducting 2% Of Total Consideration

The Maharashtra Real Estate Regulatory Authority (MahaRERA) directed Lucina Land Development to refund homebuyers after failing to complete their project on time. The refund was to be made after deducting 2% of the total consideration amount. The developers had delayed possession of the flats, and the buyers filed complaints for the delayed delivery. MahaRERA emphasized the need for developers to honor contractual commitments and deliver projects on time, ensuring consumer rights are protected. This order reinforces the principle of timely delivery in the real estate sector and the responsibility of developers under RERA to meet deadlines and fulfill agreements made with homebuyers.