Goa RERA directs Raj Housing Development to refund corpus amount to housing society with interest, ET RealEstate
PANAJI: The Goa Real Estate Regulatory Authority (Rera) has directed Raj Housing Development Pvt Ltd to refund a corpus of Rs 16.9 lakh to a Ponda housing society within two months. The authority found that the builder misused the corpus fund, for which the company was directed to also pay 11.1% interest on the corpus amount.
According to Rera, the builder spent the money without the consent and approval of the Raj Aguiar Enclave Co-operative Housing Society, a residential complex with 31 apartments.
“The respondent (builder) thus used the corpus fund without any reasons. In fact, the respondent misutilised the corpus fund in complete derogation of the agreement entered between the parties. Neither was the said amount transferred to the complainant (Raj Aguiar Enclave) after completion of the project, nor were any accounts submitted with respect to the expenditure at the time of the formation of the society, which amounts to unjust enrichment,” said the order issued by Rera member Vincent D’Silva.
The order states that the builder exhausted the corpus fund and the maintenance fund of the society, leaving no funds for maintenance. The corpus fund, which belonged to the society, was a reserve fund meant for major repair, renovation, or upgrade to the common areas and amenities.
However, Rera did not agree to the housing society’s plea for structural defects to be rectified. According to the order, the Raj Aguiar Enclave Co-operative Housing Society failed to prove the presence of structural defects or the delay in completion of certain amenities such as the badminton court and septic tank.
