MahaRERA pulls up over 950 developers for not completing projects
MahaRERA has pulled up 984 developers, mostly from the city, Mumbai and Thane, for not completing projects within the deadline and seeking an extension from the real estate regulatory authority.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has called these developers for suo motu hearings in April. The hearings will involve both the developers and consumers, who have invested in their projects. The consumers will have the powers to remove a developer by revoking project registration.
“Fifty-one per cent of the consumers in a project can form an association of allottees and, during the hearings, agree on giving the developer more time. The suo motu hearings are held to protect the consumers’ interests and ensure early completion of the projects,” a MahaRERA official said.