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In a landmark decision, the Kerala Real Estate Regulatory Authority (RERA) has granted a flat owners' association the authority to take over and complete a stalled apartment project in Angamaly. The developer, MIR Builders and Developers, had abandoned the "MIR CINTRA" project after collecting more than INR 15 crore from approximately 50 allottees, leaving the construction unfinished. This unprecedented ruling allows the association to register as the new promoter and secure their investments by pooling resources to finish the project. The move sets a powerful legal precedent, offering a new pathway for homebuyers to rescue their projects when builders fail to deliver.
A flat owners' association in Angamaly has been granted the authority by the Kerala Real Estate Regulatory Authority to take over a nine-story apartment complex abandoned by its developer. The decision comes after the builder, MIR Builders and Developers, failed to complete the "MIR CINTRA" project despite collecting significant funds from dozens of buyers, leaving the construction incomplete for an extended period. The association will now pool its own resources to finish the remaining construction work. Advertisement
This is the first such order in the state, and it stems from a prolonged legal battle fought by the allottees. Earlier, the promoter had been given an extension to finish the work, but they were unable to meet the revised deadline. The developer reportedly admitted to being in a difficult financial position and had agreed to hand over the project to the association in a legal affidavit. This landmark ruling gives new hope to homebuyers facing similar situations.
The decision also includes a directive for the existing joint venture agreement with the landowners to be annulled and a new one to be created with the flat owners' association. The allottees, who have been fighting for their rights for years, are now optimistic about securing their homes. This move highlights the strength of the Real Estate (Regulation and Development) Act of 2016 (RERA) as a consumer-centric law and establishes a powerful precedent for homebuyers across the country.
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