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Flat buyers suffer most due to lapsed registration: Real estate experts
Updated On: 31 July, 2021 07:40 AM IST | Mumbai | Vinod Kumar Menon
Real estate advocates and experts point out glaring lacunae in MahaRERA’s stand towards allottees of such projects
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An advocate points out that to protect the interests of the flat purchasers, orders should come in favour of the association of allottees. Representation pic/Atul Kamble
Of the hundreds of projects registered with MahaRERA whose registration has lapsed due to non-renewal, the biggest casualty is flat purchasers deprived of a speedy remedy under the authority. Real estate experts say this will impact home buyers already fighting litigation against developers for delayed projects in MahaRERA.
Ramesh Prabhu, CA and founder chairman of Maharashtra Societies Welfare Association (MahaSEWA) said, “The very purpose of establishing a regulatory authority is to ensure that every real estate project registered with it is completed within the timeline declared by the promoter at the time of registration. If for a reason the project could not be completed within the timeline, the promoter must apply to RERA for its extension by submitting the reason. The authority may grant extension for a maximum period of one year. The delay of the project impacts flat purchasers in many ways and they undergo difficulties financially, physically and psychologically.”
He added that the allottees will have to form an association to take over the project under Sections 7 and 8 of RERA. “At least 51 per cent of the allottees are required to join the association,” he added.
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