Homebuyers in 25 stalled projects move MahaRERA

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.