Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has come up with decision to revoke the registration of incomplete housing projects. The aim is to ensure that interest of the allottees (homebuyers) are protected and completion of the registered project is achieved.
According to a recent circular issued by the 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.
However, the homebuyer cannot do it on their own and have to approach the authority first and then after the go-ahead from the authority, buyers can decide upon it. As of now, RERA can revoke a builder’s registration for various breaches, but the main concern is delivering flats on time.