Most of the home buyers and investors in Bhagtani Sapphire Project in Dahisar East have purchased at the rate of Rs.6000/- to Rs 6500/- current market price in the same vicinity is Rs 10.500/- to Rs 11.000/- and most of them have paid Bhagtani in cash and cheque, if you approach RERA Authority it will be difficult to prove the cash amount transaction and RERA will give relief based on cheque amount. The relief will be interest 10% per anum and compensation for delayed period of possession which will not be a good deal. If more aggrieved home buyers come together then to approach NCDRC is a good strategy as builder will be forced to pay as per current market price click the link below for similar case where builder was forced to pay the home buyer as per current market price https://wakeupindia-designer.blogspot.in/2016/09/consumer-court-case-order-in-favor-of.html?showComment=1506122525401
The best part is court order the builder to pay the difference of amount between booking price and current market price.
Here is the excerpt of the judgement
“It would thus be seen that the minimum price of a residential flat in Bandra (West), as per the documentary evidence produced by the complainants, is Rs.65,000/- per sq. ft. of the carpet area. Computed at the said rate, the estimated current market value of the flat allotted by the OPs to the complainants comes to Rs.5,38,46,000/-. As per the quotations received by the complainants, the price of one car parking is Rs.20,00,000/-. If the aforesaid amount is added to the estimated price of the flat, the resultant price comes to Rs. 5,58,46,000/-. Since the OPs allotted the flat to the complainants at the aggregate price of Rs.1.93 crores, they are required to pay the difference between the current estimated price and the price on which the flat was allotted to them i.e. Rs. 3,65,46,000/- as compensation to the complainants. As noted earlier, the alleged cash payment of Rs.67 lacs has not been denied in the written version filed by the OPs. The complainants have placed on record a kachha copy which according to them is signed by one Hanif Hingora, who at the relevant time, was a partner of OP No.1. The total amount paid by them comes to Rs. 1.93 crores.”
POSTED IN PUBLIC INTEREST BY Sulaiman Bhimani Legal Consultant President Citizens Justice Forum 9323642081 firstname.lastname@example.org