The past few years have seen some very turbulent times for the Real Estate industry. Due to various factors, like changes in regulations and economic factors like demonitisation, the impact on GST in redevelopment projects and the overall sluggish economy, many projects have become unviable or the Developers have completely exhausted their capacity to raise funds for the projects. Subsequently, hundreds of projects across Mumbai city have been stalled and are at complete standstill. The result is thousands of existing society members are languishing outside their own homes and are living in rented apartments and the Developers have even stopped paying rents for the same. Also there are thousands of flat purchasers who are desperate to move into their flats for which they have paid their lifetime savings to the Developer, but have now lost hope of getting possession.

 

BDA recognizes this dilemma and with an objective to help thousands of existing society members as well as flat purchasers, to get their life savings back on track, have come up with a unique concept termed as BDA Sahay. BDA Sahay is a portal created by the BDA through which it will try to help its members or fellow Developers to get in touch with the Developers of such stalled projects and give both of them a platform to connect with each other. The entire process is done online and our team of volunteers will try and help both the sellers and the buyers wherever need be. BDA takes its responsibility as an SRO in RERA seriously and BDA SAHAY – Stalled Projects is a step in that direction.

 

For Developers wishing to put up their project details up for takeover by potentially interested Developers, there is absolutely no fees involved. For Developers wishing to register as buyers for such stalled projects, there is an interest-free refundable deposit of Rs. 1,00,000/- for members and Rs. 1,25,000/- for non -members. In case of any successful take over, BDA would expect the purchaser to pay a nominal Donation to the association to cover its administrative expenses, but even that is completely voluntary.

 

It is our wish to see that these stalled projects find potential investors and get back on track so that hundreds of dreams find fulfillment.