MahaRERA Orders KJ Realtors to Refund ₹2.65 Crore to Homebuyers Over Delay in Kothrud Project

Pune | July 14, 2026

MahaRERA has directed KJ Realtors to refund ₹2.65 crore with interest to two homebuyers after the developer failed to hand over possession of a flat in its Kothrud project within the promised timeline.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed KJ Realtors to refund ₹2.65 crore to two homebuyers after finding that the developer failed to deliver possession of a residential flat in its KJ Pallavi Society project in Pune’s Kothrud area within the agreed schedule.

In its order dated July 9, MahaRERA Chairperson Manoj Saunik ruled that homebuyers Bharat Kumar Mafatlal Jain and Charu Bharat Jain are entitled to a refund under Section 18 of the Real Estate (Regulation and Development) Act, 2016. The Authority noted that the developer had received the entire sale consideration but failed to hand over possession of Flat No. 203 by the committed deadline of March 31, 2024.

The developer argued that the complaint was not maintainable due to alleged proceedings under the SARFAESI Act. However, MahaRERA rejected the contention, observing that no documentary evidence had been submitted to substantiate the claim.

The Authority also found that the project remained incomplete and that the flat continued to be reflected as “unsold” on the MahaRERA portal despite the existence of a registered agreement for sale between the developer and the purchasers.

MahaRERA has directed KJ Realtors to refund the amount paid by the buyers, excluding taxes and statutory charges, within 60 days. The refund will carry interest calculated from April 1, 2024, until the date of actual payment.

Additionally, the Authority instructed both parties to execute a cancellation deed after the refund process is completed. MahaRERA also declined to extend the benefit of the Covid-19 moratorium to the developer while calculating the delay, holding the builder accountable for failing to fulfil its contractual obligation within the stipulated timeframe.

The order reinforces the protections available to homebuyers under the RERA Act and highlights the regulatory authority’s continued emphasis on ensuring accountability and timely delivery in Maharashtra’s real estate sector.

Social media Handles :
Instagram
Youtube
Facebook
Twitter

Also Read- Pune

Also Read- Pune