Western India Regional Council of
The Institute of Chartered Accountants of India

Law Update Details

May 2019 CA. Ramesh Prabhu, CA. Ashwin Shah

MahaRera has outlined the detail process for making Application for Revocation of Registration of Project u/s. 7 & 8 of RERDA 2016

  1. Only Association of Allottee including rehab members can apply for Revocation.
  2. Association to submit declaration to the effect that no complaint is pending with any other forum, court in this regard.
  3. List of stake holders viz
  4. Land Owner/ Investor Promoter
  5. Architect certifying Form 1
  6. Engineer certifying Form 2
  7. Chartered Accountant certifying Form 3 & 5
  8. Bank or Financial Institution listed in encumbrance certificate
  9. Ant other persons having third party interest in the project.
  10. On receipt of Complaint, MahaRera will serve notice of hearing giving at least 30 days to Promoters with copy to various stakeholders listed above including competent authority approving plans.
  11. MahaRera may constitute Designated Resolution Panel (DRP) during the process of complaint hearing and preparation of various reports.
  12. The said DRP shall prepare Blue print for completion of Project in the following manner :
  13. Financial Blue print covering current financial affairs , estimate to complete the project and road map etc.
  14. Construction Blue print covering timeline and manner of completion of project with roadmap.

iii. Various Professional viz Architect, Engineers and Chartered Accountant to assist DRP in preparation of this Blue Print.

  1. DRP to prepare this Blue Print within four months subject to extension by recording reasons thereof.
  2. DRP to submit this Blue Print to MahaRera
  3. MahaRera to initiate action with due consultation from State Government as under :
  4. Permit the Promoter to continue the Project by imposing terms and conditions as it deem fit.
  5. Revoke the Registration of Project and intimate the same to Promoter in Form D with copy to MahaRera Tribunal, All State Government and Union Territories.
  6. Freeze the operation of Separate Bank account and later on De Freeze the said account for remaining development work.
  7. As Promoter has time of 60 days for making Appeal before Tribunal , MahaRera shall wait till 60 days and then proceed as per Blue Print.
  8. Association of Allottee to work as per Blue print and send Monthly Report to MahaRera about progress as per Blue Print.

This Order is effective with immediate effect.

For more details on above, visit www.wirc-icai.org


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