The regulator has identified 60-70 such “stressed” projects in the state — mainly in Pune, Mumbai and Thane — and has chalked out a plan to reach out to the members of such projects; to guide them in forming an association and help them complete the project.

In March this year, MahaRERA had issued a standard operating procedure (SOP), allowing homebuyers to remove a developer in case the project was delayed, and hand it over to an expert panel for completion — with the regulator monitoring the proceedings. This step could be initiated only if at least 51% of the homebuyers affected by the delayed project gave their consent.

Over the last two years, more than 20,000 projects have been registered with MahaRERA in the state — the highest in the country. However, the number of completed projects stands at a little over 4,500.

Among these registered projects, there are many yet to be completed despite the issuance of orders and even recovery warrants, allowing the revenue authorities to auction the property and return the money to homebuyers.

News Source : timesofindia.indiatimes.com

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