MahaRERA i.e. the Maharashtra Real Estate Regulatory Authority traced 16 registered projects that are incomplete by the developers as they claim to be bankrupt.
There are several complaints received against these projects majorly from Pune, Mumbai, and Thane, the authorities said. The developers have to submit reply in one month after the hearing of the cases take place. The non-submission of reply from the developers will reflect in stringent actions against them. The registration of such developers will be revoked under section 7 of the MahaRERA Act, officials informed.
A total of 70 complaints have been registered by the members of homebuyers’ association against 16 projects. MahaRERA has said that the homebuyers must have their associations and should register complaints against the promoters under section 7 of the MahaRERA Act.
The authority also informed that multiple complaints have been received against these projects and the standard operating procedures (SOP) are bought in action to revoke their RERA registration.
The MahaRERA officials said that we have received complaints mainly from Mumbai, Pune and Thane against these projects. The authority will decide the future course of action about the projects that are left incomplete due to insolvency. The hearings will take place in banks and the homebuyers’ associations are directed to check projects’ feasibility, the officials informed.
As per the Standard Operating procedures, the developers will have 30-days times for collecting funds to complete the projects. The homebuyers associations have the right to bring in a new developer to complete the project in case the actual developer fails to raise the required funds.
The homebuyers’ are experiencing relief after receiving directives from MahaRERA as the associations can take actions to complete projects.
However, the developers feel that 30-days are too short to arrange funds for project completion and the authority must extend the same as raising funds that that time when the developer has gone bankrupt is not easy.