RERA rules property buyers in Delhi must know
Source : liyans

Recently this week, the MahaRERA i.e. Maharashtra Real Estate Regulatory Authority issued a standard operating procedure also known as SOP that allows the homebuyers to remove a developer for the delay in project. After which, the project can be handed over to a panel of experts for completion.

However, the authority clearly said that this kind of action can only be taken against non-litigated projects.

Vasant Prabhu, MahaRERA secretary said that this move will prove beneficial in the completion of all delayed projects in Maharashtra State. Also, this is probably the maiden move in the country, under the Real Estate Regulatory Act, 2016, that will help the association of allottees (homebuyers) to take control of the situation.

In case of order cancellation, the developer will lose rights to the project and his bank accounts stay freeze. In addition to this, the authority will then also form a panel of experts to prepare a project report in four months to decide on the future course of action.

This panel of experts will also draw a blueprint for project completion and this will comprise of financial details and a detailed roadmap in order to manage funds for the project.

The Standard Operation Procedure is issued under section 37 of the RERA Act, 2016, with reference to sections 7 and 8. The officials of the MahaRERA said that they will only consider complaints that are received from an association of allottees. The complaint from a solo homebuyer will not be entertained for such action.

The official also said that the complainants should not be less than 51% of the total allottees. The promoter will get a 30-day deadline to present his/her case in front of MahaRERA.

Shilpa Sardare Jain
Shilpa Sardare Jain is a journalist and works as a content writer with us. Her journalistic background helps her cater the viewers with accurate news about everything around. She is experienced at writing articles, blogs, features and news related to different genres. She started her career with News24 News channel and then worked with a leading digital media channel One India News and few others. Shilpa Sardare Jain is a joyful person who loves to explore new places and food when not working. Also, she has the zest for reading autobiographies of politicians who took the world by storm.