NRI Homebuyers to get Tax Cut in Maharashtra

Tax Update for NRI Homebuyers in Maharashtra

NRI: In a recent development, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a directive to Larsen & Toubro (L&T), instructing them to only withhold 2 percent of the amount already paid and refund the remaining sum.

This directive came as a response to a complaint filed by a homebuyer hailing from Abu Dhabi.

This is second time a ruling regarding this has been done by the regulator, following a similar case involving Godrej Properties.

NRI Home..

The complainant, a non-resident Indian (NRI), had invested in a flat within a project situated in Mumbai’s Kurla area, which was being developed by L&T Realty, the real estate arm of the conglomerate.

The initial payment made by the homebuyer amounted to over Rs 25 lakh, which was a fraction of the total cost of Rs 2.29 crore.

However, L&T decided to terminate the booking due to the non-payment of the outstanding balance.

Subsequently, L&T proposed to refund Rs 17 lakh to the homebuyer, after deducting over Rs 8 lakh as per the settlement terms agreed upon before the MahaRERA Conciliation Forum.

In its ruling, MahaRERA directed L&T to limit the deduction to no more than 2 percent of the paid-up amount during the termination of the booking, ensuring a fair resolution for the involved parties.

This decision underlines MahaRERA’s commitment to safeguarding the interests of homebuyers and promoting transparency and accountability within the real estate sector.

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