The real Estate Regulatory Authority (RERA) can advise the appropriate Government to employ a competent authority to finish the project. The Association of buyers will have the first right to accept or refuse any further development activities in the project. If RERA revoking of registration will result in the following:-
i) The builder/developer will be listed as a defaulter and will be denied access to the site of the project in which he has defaulted,
ii) Real Estate Regulatory Authority (RERA) will then inform Real Estate Regulatory Authority(RERA)’s of other states and Union Territories,
iii) It will direct the bank to freeze the bank account of the particular project and consequently unfreeze it for future development work, If accepted /required.
Real Estate Regulatory Authority (RERA) may, instead of revoking registration, permit registration to remain in force subject to such future terms and conditions as it thinks fit to impose, in the interest of allottees, and any such terms and conditions so imposed shall be binding upon builder or developer.