Mumbai: Bombay high court on Thursday directed Runwal Homes to deposit Rs 1.74 crore if it wanted a refund order passed by Maharashtra Real Estate Regulatory Authority (MahaRERA) against it stayed. A division bench of Justices Shantanu Kemkar and Girish Kulkarni gave the developer two weeks to deposit the amount in the court registry.

“On (Runwal Homes) depositing the amount of Rs 1,74,17,786 out of the amount adjudicated by the order passed by the member and adjudicating officer of MahaRERA in the registry of the court within two weeks from today, the operation of the order shall remain stayed,” said the bench.

The court was hearing a petition filed by the developer against an order passed by the state housing regulator on October 13 under the Real Estate (Regulation & Development) Act (RERA) to pay back Rs 1.94 crore with interest to flat purchasers over failure to deliver a flat.

The high court said flat purchasers Avinash Saraf and Neha Duggar Saraf could file an application seeking withdrawal of the amount deposited by the developer. “Such an application, if filed, will be considered in accordance with the law,” said the judges, and scheduled the matter for further hearing on November 29.

Source: Times of India