MahaRERA to bring major relief for homebuyers with new Standard Operating Procedure (SOP) to remove builder for delays

Maharashtra Real Estate Regulatory Authority (MAHARERA) on Thursday issued an SOP (standard operating procedure) to permit homebuyers to remove a developer if the project is delayed. The completion of the project then would be handed over to an expert panel. The authority has made it clear that it could initiate such action only against non-litigated projects.

In case of annulment orders, the developers will lose the rights to the project his bank accounts will stay frozen adding that the authority would then set up the cabinet of experts to prepare a project report within four months to decide on future course of action then the panel would prepare a blueprint for project completion. The blueprint would consist of financial details and the particularized roadmap towards arranging the finances.

The SOP has been circulated under section 37 of the RERA Act, 2016, with reference to sections 7 and 8. MahaRERA officials said the authority will only acknowledge the complaints received from an association of allottees and not from single homebuyers for such action. They also announced that the complaints should not be less than 51% of the total allottees.

MAHARERA will serve a notice to the promoter with a 30-day deadline to showcase his case.