India, May 28 -- The Maharashtra Real Estate Appellate Tribunal (MREAT) has ruled that a real estate developer cannot deny a refund for an apartment solely because of the absence of a signed agreement. The tribunal directed the developer to refund over Rs.26 lakh, along with interest, to a UAE-based Non-Resident Indian (NRI) homebuyer who exited the project due to delayed possession.

A UAE-based NRI homebuyer had booked an apartment in Panvel, near Mumbai, in 2013 for Rs.84 lakh, initially paying a booking amount of Rs.1 lakh. Although no formal agreement was executed, the developer issued a booking form stating that possession would be linked to the receipt of the occupation certificate, without specifying a timeline.

Over time, the ho...