Real Estate Projects
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By Staff Member

In Maharashtra, flat buyers grappling with stagnant real estate projects that show no signs of progress despite favorable legal orders are seeking a way out of this frustrating predicament. Housing experts are increasingly concerned about these protracted issues, where homebuyers continue to pay EMIs for properties they have yet to receive. We spoke to legal and real estate experts to explore potential solutions.

1. Priority Hearings: CA Ramesh Prabhu, founder chairman of Maharashtra Societies Welfare Association (MahaSEWA), suggests that stalled project complaints filed under Section 7 and 8 of RERA should be heard on a priority basis.

2. Detailed Regulations: Prabhu advocates publishing detailed regulations to ensure project completion.

3. Quarterly Process Reports: MahaRERA should obtain quarterly process reports from promoters and reach out to the allottees of stalled projects, encouraging them to register an Association of Allottees or society to facilitate project completion.

4. Panel of Contractors/Developers: Establish a panel of contractors or developers willing to take on stalled projects.

5. Dispute Resolution: Regulations should clarify that disputes between landowners and developers, among promoters, etc., should not hinder the authority’s ability to complete stalled projects. State government approval should make these regulations binding on all stakeholders.

6. Feasibility Reports: MahaRERA should engage professionals to provide feasibility reports and roadmaps for project completion. In cases of non-viability, MahaRERA should consider waiving a certain premium or recommend increased free FSI on a case-by-case basis.

7. Unique Identification Numbers: Assign unique identification numbers to each partner, proprietor, director, entity, or firm registered with RERA, including details of assets and liabilities.

8. Financial Institutions’ Responsibility: Ensure that financial institutions taking over projects due to default assume the project’s burden and do not obstruct project completion.

9. Funding Institutions: Empanel institutions to fund stalled projects.

In conclusion, addressing stalled real estate projects in Maharashtra requires a multi-pronged approach involving regulatory changes, financial oversight, and legal action to protect the rights and interests of flat buyers left in limbo.

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