THE MAHARASHTRA Real Estate Regulatory Authority (MahaRERA) has decided to revoke the registration of close to 100 housing projects, in which the promoters have failed to implement the projects.
The regulatory body had demanded home buyers to form associations and lodge complaints against promoters under section 7 of the MahaRERA Act.
Vijay Satvir Singh, member, MahaRERA, told The Indian Express that in the two months after standard operating procedures were put in place for revoking the RERA registration of these projects, for which builders are either bankrupt or have failed to deliver the project on time, the authority had received 100 complaints.
“We had asked home buyers to form an association and lodge a complaint under section 7 of the MahaRERA Act, in which they can demand that the registration be revoked and can ask for a new developer. So far, we have received 100 complaints about projects that have been shelved due to bankruptcy. In each complaint, we have conducted at least one hearing in which we have asked banks and the home buyers’ association to check out the viability of the projects,” Singh said.
Promoters will get a month’s notice to arrange for money to complete the projects. If the promoters fail to do so, then the association can appoint another developer or they can complete it themselves.
“I cannot comment on the names of promoters or the projects because the matter is under consideration but there are 100 projects under MahaRERA whose registration will be revoked,” Singh said.