26 March 2019: If a developer has sold half of a planned project and delayed its completion, affected homebuyers may soon get the wherewithal to remove a builder from the project.
Given the fact that the maximum number of complaints against developers are related to project delays, the Maharashtra Real Estate Regulatory Authority (MahaRERA) is working on a plan which will allow homebuyers to remove developers and appoint another after receiving the Authority’s nod.
“If we look at all the complaints we received since the implementation of RERA, about 80 per cent complaints against the developers are related to project delay. We are working on the Standard Operating Procedure (SOP) which will allow homebuyers to remove developers from the project,” a senior official from MahaRERA told this publication.
The official added that MahaRERA is already working on the duration of the delay and the number of homebuyers who would be required to initiate the developers’ removal.
“The finer details are being worked out and we will come up with (the plan) within this month. However, the buyers cannot do it on their own. They have to approach the Authority first and then after the go-ahead from the authority, buyers can decide upon it,” the official added. The move to introduce this plan comes after consultations with various stakeholders, including homebuyers.
As of now, RERA can revoke a builder’s registration for various breaches, but the main concern is delivering flats on time. For instance, despite Amrapali and Jaypee having landed in front of the Supreme Court and the NCLT, buyers are the most affected, with most yet to received their promised flats.
Categories: Legal update