MahaRERA chairperson helps restart Mumbai stalled project
In a landmark order, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has succeeded in negotiating a settlement between the developer and home buyers of Tanvi Eminence housing project in Mira Road, stalled since 2013 because of a squabble between the…

In a landmark order, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has succeeded in negotiating a settlement between the developer and home buyers of Tanvi Eminence housing project in Mira Road, stalled since 2013 because of a squabble between the four promoters. The project now has a completion deadline of end-2019.

This is the first time anywhere in India that a RERA regulatory authority has played an active role in putting a housing project, stalled four years before the RERA Act came into effect, back on track, giving relief to hapless home buyers, reports Bombay Mirror.

MahaRERA Chairperson Gautam Chatterjee took the initiative and personally held deliberations over the last three months to make sure that one of the four bickering promoters took up the responsibility of funding, construction and completion of Phases I and II of the project, which began in 2009, but has been stalled since 2013.

Mumbai Mirror had first reported in October 2017 that over 500 home buyers were waiting for their homes in Tanvi Eminence after differences emerged between the four project promoters, who included two diamond merchants, in Kashimira Ceramic Products LLP (KCPL).

In November, a group of 181 home buyers formed a welfare association and collectively approached MahaRERA for relief. In December, under Chatterjee’s supervision, diamond merchant Dahyabhai Sutaria agreed to take charge of the project, and the other promoters agreed to transfer 33 per cent of their share to Sutaria and exit KCPL.

However, talks among the promoters broke down again. Chatterjee then intervened    and hammered out a solution with the consent of all stakeholders. Under this Sutaria will hold 99 per cent ownership of KCPL, with new partner Dhaval Darji holding 1per cent, so that the same Limited Liability Partnership firm can execute the project. T

They will complete five wings of the 18-storey buildings in Phase I, and three buildings of 11-storeys in Phase II, and deliver possession to 181 home buyers by December 31, 2019, with a further grace period of three months.

(ends)

Related Articles

Related

The right way to Plan For a company Virtual Data Room

If you are considering a corporate digital data room, it is advisable to carefully cover it. It is necessary to choose anddataroom.com a company that will support your business procedure. You will also need to make sure that you have satisfactory information inside...

read more

AVG Feature Review

AVG is a superb antivirus system that has received a lot of recognition among users. It is easy to install, and offers a range of optional features that put value to its antivirus security. Besides their free variety, which can safeguard...

read more

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Share This