News: Consent of 51% flat-buyers must to tweak project, extend deadline: MahaRERA-13-03-2021
The builder will require the consent of at least 51% of the allottees if he wants extension of completion date of the project. The consent will now be required with their names, flat numbers and signatures.
MUMBAI: Builders will no longer be allowed to get away with sketchy details or shoddy paperwork when they register their projects with the Maharashtra Real Estate Regulatory Authority (MahaRera).
A new circular issued by the state housing regulator mandates that developers must now meticulously submit the list of all their flat buyers along with their signatures in a proper format when seeking various permissions.
The builder will require the consent of at least 51% of the allottees if he wants extension of completion date of the project. The consent will now be required with their names, flat numbers and signatures. Vasant Prabhu, secretary MahaRera, said developers will have to submit these details in a systematic manner so that there is no scope for misrepresentation.
The new circular has also specified that in case developers want to change the floor plan, design or make any major alterations in the sanctioned plans, they will require the consent of two-third of the people who have booked flats in the project. Each of them will have to sign with their names and flat numbers on the promoter’s letterhead. The consent application will clearly mention the earlier building plans and the new alterations sought by the developer.
“These rules already exist, but builders used to submit voluminous documents which became very difficult to cross-check and verify. The new MahaRera chief (Ajoy Mehta) has now ordered that the procedure be streamlined.” Prabhu said.
The circular says developers will have to give anew the legal title report of ongoing projects, as is required in Section 4 of the annexure of MahaRera.
If the title report is not in the name of the developer then he should add the name of the land owner, the memorandum of understanding between them, development agreement, the area and revenue sharing agreement. The developer will have to clearly reveal the investors or equity partners in the project.
Property consultant Ashok Narang said: “These regulations will be applicable for all ongoing projects where occupancy certificate of the entire building is not received.”
Narang said builders will have to disclose the land mortgage to financial institutions.
