Mumbai, Aug. 10 -- In a significant win for IIFL Finance Ltd, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has directed the developer of Mumbai's iconic Palais Royale project to pay the company interest for delayed possession of seven apartments.

As per the order dated 4 August, directed to the project's current developer Honest Shelters Pvt. Ltd, the interest payable to IIFL is about Rs.33.61 crore for one apartment alone.

The total amount payable to IIFL under the order exceeds Rs.100 crore, said a company executive. Mint could not independently confirm this. Honest Shelters and its advocates did not respond to Mint's queries.

The Palais Royale project, which has been delayed for over 15 years, has changed many develop...