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CS Executive · Economic, Commercial and Intellectual Property Laws · Real Estate Regulation and Development Law

Greenview Homes Pvt Ltd, a promoter in Pune, is aggrieved by an order of the Maharashtra Real Estate Regulatory Authority directing it to refund Rs 40 lakh with interest to an allottee. It wishes to appeal. Before the Appellate Tribunal will hear its appeal, what must the promoter do under the Act?

The promoter must first deposit with the Appellate Tribunal at least thirty per cent of the penalty, or the total amount payable to the allottee including interest and compensation, or both as the case may be. Without this pre-deposit, the appeal will not be entertained or heard.

  1. ADeposit at least thirty per cent of the penalty, or the total amount payable to the allottee including interest and compensation, or both, as applicableCorrect
  2. BDeposit the entire estimated cost of the real estate project
  3. CObtain written consent of the allottee to the appeal
  4. DDeposit at least ten per cent of the amount of the project's estimated cost

Explanation

Under the proviso to section 43(5), a promoter's appeal is not entertained unless it first deposits at least 30% of the penalty (or a higher percentage fixed by the Tribunal), or the total amount payable to the allottee including interest and compensation, or both. The project cost and allottee consent are not conditions.

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