Homebuyers in 25 stalled projects move MahaRERA

PUNE: As many as 25 associations of allottees from Pune, Mumbai and Thane have approached the Maharashtra Real Estate Regulatory Authority for taking control of their stalled projects since January 1 this year.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) had last year issued an order, stating that the registration of an incomplete project could be revoked if 51% members of the association of allottees gave their consent to choose another developer to complete the project.

The order was issued under sections 7 and 8 of the Real Estate (Regulation and Development) Act, 2016. “We have received 25 applications from associations of allottees (AoA) to restart their stalled projects,” MahaRERA secretary Vasant Prabhu said.

MahaRERA officials said the applications of stalled projects were received from Pune, Mumbai and Thane. “The move will benefit stressed project where the developer had not been able to complete the project due to paucity of funds or any other reason for long period of time,” a MahaRERA official said.

While filing a complaint, the AOA needs to provide a declaration that complaints regarding the project are been pending with the authority. They also need to provide a list of all stakeholders with available contact details, including the competent authority, promoter, landowner, investor, architects, engineers, chartered accountant, banks listed in encumbrances certificate, and any third party interested in helping with the stressed projects.

The first order in this regard was passed on October 22 last year, in case of DSK Sadaphuli project of 279 apartments. This project was announced in March 2013, with the promise of handing over the possession of flats to homebuyers by November 2015.

The project was, however, delayed and was nearly 90% complete when the builder faced arrest and has been behind bars since February 2018. Seeing no progress in the project, the buyers approached consumer protection group Mumbai Grahak Panchayat, which guided them about sections 7 and 8 promulgated by MahaRERA.

The 131 homebuyers from the project then filed an application seeking MahaRERA’s permission to complete the remaining work, and restrain the mortgagee from selling or creating third party rights in the project. MahaRERA appointed a resolution panel, comprising developer Niranjan Hiranandani, president of National Real Estate Development Council, and MGP chairperson Shirish Deshpande. The authority also appointed a panel of professionals, including an architect, a chartered accountant and a structural engineer of the project.

Experts from the real estate sector said while it was a good move, the framework needed to be clear.

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Source: economictimes.indiatimes.com

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