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Maharashtra: Seeking a way out of mess of stalled projects
Updated On: 09 September, 2023 07:38 AM IST | Mumbai | Vinod Kumar Menon
From creating detailed regulations to asserting the constitutional right to property, housing experts lay down a host of solutions that may be adopted to bring relief to the thousands of investors left in the lurch
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According to experts, illegal projects like the ones in Vasai-Virar are not built without the complicity of government officials
Flat buyers stuck with real estate projects that refuse to move ahead despite favourable orders from the legal system are seeking a way out of the impasse. Such protracted issues, wherein flat buyers continue to pay EMIs for homes they never got, have become a concern for housing experts. mid-day speaks to legal and real estate experts to understand solutions that can be adopted.
CA Ramesh Prabhu, founder chairman of Maharashtra Societies Welfare Association (MahaSEWA), said, “An increasing number of stalled projects and lack of regulations to get them completed in time is a great concern in Maharashtra. There is an eight-point solution that the MahaRERA can implement to complete these projects. First, the stalled projects complaint filed under Section 7 and 8 of RERA should be heard on priority. Secondly, detailed regulation should be published to get projects completed. Third, the MahaRERA should get the quarterly process report from the promoter and reach out to the allottees of stalled projects. The MahaRERA may invite and inspire them to register an Association of Allottees or society to hand over the project to get it completed.
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