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Right To Reserve Flat Includes Right To Withdraw, Can’t Ask Allottee To Forfeit Payment : Maharashtra RERA Appellate Tribunal

In an order that may provide relief to several flat allottees, the Maharashtra Real Estate Appellate Tribunal (MahaRERA) observed that the right to reserve a flat includes the right to cancel the reservation. Therefore, a builder cannot ask an allottee to forfeit the booking amount for withdrawing his reservation. The panel observed a clause in the reservation form disallowing a prospective flat purchaser to withdraw from the arrangement; asking him to forfeit 10% of the flat’s value or the amount paid is ex-facie unreasonable, unfair and inequitable. “The existence of such a condition in the printed form of “request for reservation” by allottee is against the object and purpose of RERA… and not binding on the parties.” The panel of member Sumant Kolhe (judicial) and member SS Sandhu directed Piramal Estate Pvt Ltd to return Rs. 5,61,967 to Kalwa couple Dinesh and Ranjana Humane, who cancelled their Thane flat reservation due to a medical emergency in the family. Advocate Sunil Kevalramni represented the allottees.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.