The Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday issued a standard operating procedure (SOP) to allow homebuyers to remove a developer in case the project was delayed. The project would then be handed over to an expert panel for completion.
The authority, however, clarified that it could initiate such action only against non-litigated projects.
“It will help complete all delayed projects in the state. This is an unique move, probably the first in the country, under the Real Estate Regulatory Act, 2016, which will help the association of allottees (homebuyers) take control of the situation,’’ Vasant Prabhu, MahaRERA secretary, told TOI.
In case of revocation orders, the developer will lose rights to the project and his bank accounts will stay frozen, the order said, adding that the authority would then set up a panel of experts to prepare a project report within four months to decide on future course of action.
The panel would prepare a blueprint for project completion. The blueprint would consist financial details and a detailed roadmap towards arranging the said finances.
The SOP has been issued under section 37 of the RERA Act, 2016, with reference to sections 7 and 8. MahaRERA officials said the authority will only consider complaints received from an association of allottees and not from single homebuyers for such action. “The complainants should not be less than 51% of the total allottees,” they said.
MahaRERA will serve a notice to the promoter with 30-day deadline to present his/her case.