If home project delayed, builder to lose right over it
The state’s real estate watchdog, MahaRERA, on Thursday issued a standard operating procedure (SOP) to allow home buyers to remove a developer in a delayed project, which will then be given to an expert panel to help complete it. The authority clarified it can take act only in non-litigated cases.
“It will help finish all delayed projects in the state. This is a unique move, probably the first in India, under Real Estate Regulatory Act, 2016, which will help the association of allottees (homebuyers) take control of the situation with help of MahaRERA,’’ Vasant Prabhu, MahaRERA secretary, told TOI.
In case of revocation orders, the developer will lose right on the project and his bank accounts will stay frozen, the order said, adding that a panel will be set up to prepare a project report in 4 months to decide on action.
RERA officials said the authority will consider complaints from the association, not single homebuyers. “Complainants must not be less than 51%,” said an official.