To ensure that interest of the homebuyers are protected and the registered project is also complete, Maharashtra Real Estate Regulatory Authority (MahaRERA) has come up with the decision to repeal the registration of housing projects that are incomplete.
According to MahaRERA, if the developer has sold half of a planned project and delayed its completion, affected homebuyers may soon get the power to remove a builder from the project.
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Homebuyers will be unable to do it on their own and will have to approach the authorities first and only after getting a nod they buyers can decide upon it.
Vasant Prabhu, secretary at MahaRERA said that this circular is framed by keeping in mind the motto of MahaRERA—that is to get homebuyers their homes. There are at least 50-60 cases before MahaRERA where buyers have complained about project delays.
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The intention of MahaRERA is certainly laudable but much will depend on how far the delinquent builder will cooperate and share details of the project, Shirish Deshpande, Chairman of Mumbai Grahak Panchayat, a consumer body, said that availability of funds is going to be a major issue. It will be a daunting task for the designated resolution panels to deal with such cases involving stakeholders with conflicting interests, but it is worth experimenting. Onus now shifts on to homebuyers and old residents in rehab portion of redevelopment on how they salvage their sinking project.
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