Last Updated:June 27, 2025, 14:27 IST
MahaRERA ordered Lodha Developers to return Rs 7 lakh to a homebuyer, along with interest, after the buyer’s home loan application was declined.
The buyer booked a Rs 2.26 crore flat. (Image: Shutterstock)
MahaRERA (Maharashtra Real Estate Regulatory Authority) has ordered Lodha Developers to return the booking amount to an NRI couple who cancelled their flat reservation. The couple had booked a Rs 2.27 crore apartment in Lodha’s Mulund project in Mumbai and paid Rs 7 lakh upfront. They said the developer had verbally assured them that the full amount would be refunded if their home loan didn’t get approved.
When their loan was rejected, they informed Lodha and asked for a cancellation. However, they were reportedly denied a refund. The couple then approached MahaRERA, which ruled in their favour and asked Lodha to return the money.
Know All About The Case
Vaibhav Kishor Ambukar and his wife Seema, who were living in Russia at the time, booked a flat in Lodha’s Mulund Project Tower 1. They paid Rs 7 lakh in two instalments in September and October 2021, as per Hindustan Times. They had informed the builder that buying the flat depended on getting a home loan.
The couple said that Lodha’s staff gave them a verbal promise that if the loan didn’t come through or a financial emergency arose, the full amount would be refunded. However, when their loan was rejected in November 2021 due to documentation issues and the buyer’s job contract abroad, Lodha allegedly refused to cancel the booking or return the money.
Developer’s Response
The Lodha Group argued that the flat booking was made under a signed application form dated November 18, 2021, reports state. This form included a clause (Clause 3.5) stating that up to 10 per cent of the total flat cost could be kept by the developer if the buyer cancelled the booking. Lodha claimed the couple had agreed to these terms after fully understanding them, so a refund was not required.
MahaRERA Rules in Favour of Homebuyers
In its June 10, 2025, order, MahaRERA reportedly noted that no official sale agreement had been signed between the couple and Lodha. It found the clause about forfeiting the booking amount to be “one-sided, unconscionable, and unenforceable,” and said that denying a refund went against the Real Estate (Regulation and Development) Act, 2016.
“The complainants’ reason for withdrawal stemmed from a genuine financial crisis, not mala fide intent. The application form itself appeared partially filled and unsigned by Lodha’s sales representatives. Moreover, it was signed just nine days before the refund request was made,” the order said.
Based on this, MahaRERA instructed Lodha to return Rs 6.65 lakh to the couple by July 15. If the amount is not refunded by then, it will carry an interest rate 2 per cent higher than SBI’s highest lending rate.
Reportedly, the authority also directed Lodha to pay Rs 20,000 to the buyers as compensation for the complaint process.
Meanwhile, Sanjay Chaturvedi, a Mumbai-based lawyer who represented the couple in front of MahaRERA, also welcomed the ruling.
“The delivery of the home is always with the developer, and he can sell it either to the first buyer or any successive buyer. Then why deduct or forfeit any token amount? Such practices discourage honest homebuyers and are bad for the industry. This is a very well-adjudged order,” he said as quoted by Hindustan Times.
Chaturvedi added that his client was working in Russia when the flat was booked and is now based in Dubai.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
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- Location :
Delhi, India, India
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