Rajasthan’s Real Estate Regulatory Authority (RERA) has initiated the process to complete abandoned real estate projects, providing allottees with their first opportunity to see their investments realized. The process, implemented under the newly notified regulations by Rajasthan RERA, aims to assess the remaining work in stalled projects and determine the density of work required for completion.
To prepare a comprehensive report on this matter, tenders will be invited from various firms. Based on this report, RERA will first seek proposals from associations of allottees. If no viable plan is proposed by these associations or if RERA deems the proposed plan unsuitable, two options will be presented.
The first option involves entrusting the completion of the project to a government agency or a private firm. RERA will issue tenders to select a suitable private agency, which will then be responsible for completing the project. Upon completion of the pending work, the project will undergo fresh registration with RERA to ensure its legality and adherence to regulatory standards.
