 "Maharashtra issues draft rules for formation of housing regulatory authority")
Realty developers in Maharashtra could soon face disqualification and cancellation of registrations of their projects, if a court declared the document (contractual agreement, power of attorney, etc) giving them the right to a land parcel or development rights, invalid.
The proposed housing regulatory authority will have the powers to cancel such projects, according to draft rules issued by the state. Before cancelling the registration, the authority will issue a notice to the promoter, who should respond within seven days.
According to the rules, buyers of a stalled project can form a legal entity and assume control of the construction process.
The government has sought suggestions and objections from stakeholders on the rules.
The authority will provide information about the promoters on its website. It will list approved projects (with their gradings), cancelled ones and deregistered promoters.
The promoters will have to apply to the authority for the registration of every project to be constructed on a separate plot.
It will be mandatory for the promoter to self-certify. The promoters will have to produce a description of the land parcel.
The proposed housing regulatory authority will have the powers to cancel such projects, according to draft rules issued by the state. Before cancelling the registration, the authority will issue a notice to the promoter, who should respond within seven days.
According to the rules, buyers of a stalled project can form a legal entity and assume control of the construction process.
The government has sought suggestions and objections from stakeholders on the rules.
The authority will provide information about the promoters on its website. It will list approved projects (with their gradings), cancelled ones and deregistered promoters.
The promoters will have to apply to the authority for the registration of every project to be constructed on a separate plot.
It will be mandatory for the promoter to self-certify. The promoters will have to produce a description of the land parcel.