[INDIAN REAL ESTATE NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd.
Here I have an important Indian real estate news to share with you which is as undermentioned.|
MUMBAI: The Forum for People’s Collective Efforts (FPCE), a pan-India body of homebuyers, has sought forensic audit of all housing projects that have been delayed by more than two years to find out whether funds have been diverted, as turned out to be the case with Amrapali Group’s projects.
It has suggested that the Real Estate Regulatory Authority (RERA) initiate a census of all delayed projects and pass seizure order along with auction of seized assets if it finds that funds have been diverted. The body has also sought that RERA authorities constitute flying squads to keep a check on builders adhering to RERA provisions such as maintenance of escrow account, check exact status of project completion and compare that with declaration given by the builders, deviation from sanctioned plan, specifications and layout.
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