MahaRERA Orders Paranjape Schemes to Pay Interest for Delayed Possession in Forest Trails Athashri – B2 Project

Regulatory Order on Delayed Possession

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed Paranjape Schemes (Construction) Limited to pay interest for delayed possession to several homebuyers in its "Forest Trails Athashri – B2" project in Pune. In a final order dated March 17, 2026, MahaRERA Member Ravindra Deshpande ruled that the promoter is liable for interest under Section 18 of the RERA Act, despite the developer's plea regarding pandemic-related delays.

The Complaints

The order addresses five separate complaints filed by allottees—Milind Bembalkar, Neela Deshmukh, Pradeep Lakhe, the Bhandarkars, and the Madimans. The homebuyers alleged that they had entered into agreements for sale between 2017 and 2022, with promised possession dates ranging from July 2021 to July 2023.

Developer's Arguments and Regulatory Response

Paranjape Schemes contended that the delay was due to reasons beyond their control, primarily the COVID-19 pandemic, which led to labor migration, disruptions in material supply, and funding challenges. They noted that they had obtained valid extensions from MahaRERA for project completion up to July 2024.

The Authority observed that while the pandemic caused nationwide disruptions, the right of an allottee to receive interest for delay is an "unqualified right" once the promised date in the Agreement for Sale has expired. The Authority cited the Supreme Court's "Newtech Judgment," stating that if a promoter fails to give possession by the agreed date, they must pay interest for every month of delay until possession is handed over.

MahaRERA's Directives

MahaRERA partly allowed the complaints and issued directives requiring that the promoter must pay interest to the five complainants at the prescribed rate (SBI's Marginal Cost of Lending Rate + 2%) for the period of delay. The order also assessed litigation costs and directed the developer to provide independent electricity meters to the affected homebuyers.

About the Project

Forest Trails Athashri - B2 (RERA No: P52100000029) is a Residential / Group Housing project developed by PARANJAPE SCHEMES (CONSTRUCTION) LIMITED. Spread across 2.40 acres, this development offers 364 units, including 1 BHK and 2 BHK Apartments.

Developer Background

Established in 1987 by Mr Shrikant Paranjape & Shashank Paranjape, the company has developed a diverse portfolio of real estate projects, including residential, commercial, hospitality, and SEZ projects. Paranjape Schemes has completed over 190 projects and built over 30,000 homes in Pune, Mumbai, Kolhapur, Ratnagiri, and Bengaluru.