CHANDRAMANI BEHERA Vs. BHIMSEN GURU

JUDGEMENT

(1.) Instant appeal under Sec. 58 of the Real Estate (Regulation and Development) Act, 2016 (hereinafter referred to as 'the Act') is filed by the appellant assailing the impugned order dtd. 7/2/2025 passed in connection with I.A. No.105 of 2024 of the learned Odisha Real Estate Appellate Tribunal, Bhubaneswar (shortly as 'the OREAT') arising out of OREAT Appeal No.181 of 2023, whereby, an application pressed into service by him seeking exemption from payment of the statutory amount as required under Sec. 43(5) of the Act was dismissed on the grounds inter alia that such decision demanding the deposit is not legally tenable and hence, liable to be interfered with and set aside.

(2.) As per the pleading on record, the appellant is the landowner and was approached by respondent No.2 for its development into a real estate project and accordingly, a Development Agreement as per Annexure-1 was entered into between them preceded by execution of an Irrevocable Power of Attorney dtd. 14/3/2012 i.e. Annexure-2. The further pleading is that as per the said agreement, respondent No.2 was required to carry out the developmental work on the land of the appellant and to construct a residential project by the name and style 'Home Town', while the appellant having 30% share in the built up area of the flats. It is stated that respondent No.1 had shown interest to purchase a flat in the residential project and accordingly, approached the appellant, who offered him to sale a 2BHK flat in the first floor having a super built up area of 1260 sq. ft. out of his share of flats and for that, respondent No.2 issued a no objection certificate for the purpose of its production before the Bank and consequently, on 30/3/2017, a Tripartite Agreement for sale was executed, whereby, the flat was allotted in favour of respondent No.1 for a sale consideration of Rs.34,60,039.00 excluding taxes and in that connection, 10% of the consideration amount was paid in cash to the appellant towards booking price and the rest was payable to him as per payment schedule. It is further stated that apart from the agreement dtd. 30/3/2017 at Annexure-3, the parties and the Bank entered into a Quadripartite Agreement dtd. 5/6/2017 at Annexure-4for the purpose of loan in favour of respondent No.1 for an amount of Rs.23.00 lac and such loan was sanctioned on 16/5/2017, whereafter, the margin money of Rs.11,60,039.00 was paid to the appellant.

(3.) Heard Mr. Maharana, learned counsel for the appellant and Mr. Nayak, learned counsel for respondent No.3. Notices have not been issued to respondent Nos.1 and 2 as it was felt unnecessary, hence, has been dispensed with.