"Adhering to the regulations will safeguard our interests, it's better to be safe now than regret later. "Banks have also sought additional collateral, including on personal properties of promoters, as guarantees while disbursing loans to a few real estate developers. If a loan turns bad, customers will be refunded but there’s no inherent protection for us under the law," said a PSU bank official. While developers are applying for registration, the infrastructure at the authority's level needs to be beefed up to ensure speedy processing of the same. Until the midnight of July 31 deadline, the regulator had received total 10,852 applications for registration of ongoing projects across Maharashtra, which has now crossed 12,000.

Source: Economic Times August 07, 2017 19:30 UTC