STATUS AS ON 24/05/2019

MahaRERA has wide order No 8/19 dated 28th March 2019 opened up door for revocation of the registration in accordance with Section 7 & 8 of Real Estate (Regulation & Development) Act 2016.

In this connection certain direction, clarification and procedural aspects are clarified by MahaRERA.

1. MahaRERA shall consider only those complaints where association of allottee is involved. Such association can be society, or federation or cooperative society or association consisting of majority of allottees i.e. not less than 51% including members to whom plot or apartments or building has been allotted, sold or otherwise transferred including such rehab portion, which are included in MahaRERA registered project
2. Documents required while filing the complaint-
   • No Litigation declaration
   • List of stakeholders and their contact details
3. On receiving complaint, MahaRERA shall service notice to the promoter, stating the grounds on which it is proposed to revoke registration. Copy of notice shall be sent to all stakeholders and any other party with third party interest
4. All the pending and upcoming complaint related to the said project shall be heard together and by the same Member/Chairperson at MahaRERA
5. MahaRERA may constitute Designated Resolution Panel (DRP). Panel shall composed of such members and professionals as required by Order which shall be instrumental in preparing financial blueprint, construction blueprint, blueprint for project completion along with association of allottees for completion of project. The said blueprint shall be prepared in 4 months unless extended by MahaRERA
6. MahaRERA shall then decide upon whether project to remain in force or revoke the registration. Before finalization MahaRERA may consult state government for finalisation of blue print
7. Revocation of registration would involve following
   • Issuance of revocation of registration certificate
   • Project shall be removed from list from registered project
   • Promoter shall no longer be able to update/correct/ extend the project details
   • Intimation shall be sent to RERA Tribunal, RERA Authorities in other states/UTs
   • Freezing bank account and facilitating remaining development work
8. Association of allottees shall then work on completion of project as per clue print and update MahaRERA on monthly basis

Desclaimer –  Please note that the above view is based on personal interpretation and for general awareness. The readers are required to take opinion from the Top IBC professionals or Insolvency Professionals before relying on the article. For any clarifications, please write to us at ibc@centrik.in

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