Coordination with other regulators needed: MahaRera chairman
The head of Maharashtra real estate regulator `MahaRera' today called for better coordination with other authorities and also between related legislations to protect the interests of home-buyers.
Gautam Chatterjee, chairman of MahaRera, was speaking at an interaction organised by the Mumbai Press Club here.
Referring to the recent case of Jaypee Infratech, Chatterjee said, "There is a need to coordinate between the acts and the authorities, especially when it comes to safeguarding the interests of consumers." On September 4, the Supreme Court stayed the National Company Law Tribunal's order initiating insolvency proceedings against Noida-based developer Jaypee Infratech, thus giving a relief to over 30,000 home-buyers.
"We've so far received 98 complaints, primarily involving delays in project delivery. If due to any reason, be it bankruptcy or unavailability of funds, the developer defaults in payments and if the ongoing project is stuck, consumers will be at loss," Chatterjee said.
"We will have to work on this together and go back to government and see what can be done in such situations as certain issues do not fall under the purview of Rera," he said.
Under the Real Estate (Regulation and Development) Act, consumers have the first right of refusal to carry out development work in case the developer indulges in any fraudulent practise, he pointed out.
"But in the recent (Jaypee) case, the lender initiated insolvency process. In such a situation there could be overlapping of certain provisions in various laws. There is a need to find a way how to take the project forward," Chatterjee said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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