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According to MahaRERA officials, while reports on a few real estate projects have already been submitted, investigators are preparing reports on some others after progress of construction and other related matters is verified
The resolution will help properties worth Rs 1,100 crore see the light of day. The project includes two land parcels totalling 63 acres, with six million square feet of residential space.
KRERA noted that the project, Ozone Urbana, has been stalled for the last three years and that the developer is nowhere close to completing it.
The state real estate regulator said that once the full and final settlement has been done, claims of interest on the period of delay cannot be considered.
These accounts will be jointly operated by the builders and the Authority and will make it difficult for builders to divert funds to other projects or means.