Home-buyers in a residential project, Vasant Oasis in Mumbai’s suburb, Andheri, have moved the National Consumer Disputes Redressal Commission (NCDRC) against developer Sheth Creators, for reneging on commitments, including delivery schedule, apartment sizes and layout. They have also made a nominee director of Morgan Stanley Real Estate Investing (MSREI), a financial partner in the project, a party to their petition which has now been admitted.
Vasant Oasis Welfare Association has claimed that the builder modified the building plans several times without their consent, claiming that he has also reduced the usable area of these flats mentioned in the agreements by as much as 15%-16% of such area.
While admitting the petition, NCDRC has issued directions to the developer’s subsidiary Neepa Real Estate to respond by 20 April 2015. Neepa Real Estate is the developer’s special purpose vehicle developing the Vasant Oasis project.
For all new constructions, the area of balcony, flower-beds, terraces, voids, niches, etc, gets counted in the floor space index (the ratio of construction and the area of a piece of land) permitted for the building.