Hombuyers of DSK’s project along with Tata Capital Housing Finance, will complete the project in Pune, after MahaRERA cancelled registration of DSK’s two projects.

By Varun Singh

This would be the first time that the homebuyers (association of allottees) along with a housing finance company will be completing the project stalled by the developer. Before the year 2020 ended, the Maharashtra Real Estate Regulatory Authority (MahaRERA) for the first time revoked the registration of two projects. Both the projects belong to DSK Builders.

The project’s name is DSK Sadaphuli located in Pune. The projects comprise of a total 279 apartments of which close to 164 are sold. Several homebuyers had approached MahaRERA on several instances seeking help.

The developer DSK which is embroiled in several controversies has many projects that are stalled midway. In this particular case, the home buyers approached MahaRERA stating that they via the association of allottees would like to complete the project.

MahaRERA after hearing all the parties including the finance company, and the resolution panel comprising of Niranjan Hiranandani and Adv Shirish Deshapande decided to revoke the registration of the projects.

MahaRERA finally ordered that the homebuyers via the association of allottees who in consultation wth Tata Capital Housing Finance Ltd and the resolution panel shall complete the balance development work of the project.

MahaRERA also asked the planning authorities to issue the necessary permission to the architect of the project for the completion of the project.

The association of allottees have been asked to execute and register the agreement of sale of booked but unregistered apartments.

Tata Capital Housing Finance Ltd has been asked to execute and register the agreement of unsold apartments on which it has charge.

For the unsold and free of charge apartments, the association of allottees in consultation with Tata Capital Housing Finance Ltd shall execute and register the agreement.

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