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The Madhya Pradesh Real Estate Regulatory Authority (RERA) has announced plans to address incomplete real estate projects in the state by collaborating with government agencies to ensure their completion. The authority aims to fulfil its responsibility of safeguarding the interests of buyers and resolving long-standing issues related to unfinished projects.
Recognizing the urgency of the matter, the Madhya Pradesh RERA has initiated efforts to revive projects that have remained incomplete or stagnant for a considerable period of time. It has also taken action against projects that have exceeded their designated deadlines, including extensions. These projects are now under the close scrutiny of the regulatory authority.
Earlier this month, the RERA authority held a meeting with the divisional commissioner and collector of Indore to discuss the necessary measures to be taken. The review of pending projects extended to other regions as well, namely Ratlam and Khandwa. Local district authorities have been directed to actively pursue the completion of these projects, ensuring sustained efforts in this regard.
In a recent decision, the commission resolved to entrust the incomplete work of three projects to the MP Housing & Infrastructure Development Board. Empowered with the authority to intervene in long-pending and unfinished projects that have breached their deadlines, the regulatory authority has taken a firm stance against developers who have failed to fulfil their contractual obligations to buyers.
Consequently, the regulatory authority has ordered the developers in question to refund the deposited money to the affected buyers. Additionally, the promoters and developers have been instructed to provide comprehensive information about the investors or buyers associated with the respective projects. The regulatory authority is actively conducting hearings to address the concerns raised by buyers, ensuring their rights are protected throughout the process.
With the expectation that the MP Housing & Infrastructure Development Board will complete the pending projects, the regulatory authority aims to secure the interests of the buyers and bring these ventures to a satisfactory conclusion. By engaging with government agencies and enforcing accountability, the Madhya Pradesh RERA seeks to restore trust in the real estate sector and foster a transparent and efficient environment for all stakeholders involved.
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