MahaRERA, Real Estate News, ET RealEstate

March 5, 2024

<p>Representative Image</p>
Representative Image

PUNE: As many as 541 lapsed projects in the state have been given an extension for completion by the Maharashtra Real Estate Regulatory Authority (MahaRERA), after separate hearings and getting consent from the homebuyers involved in each case, officials told TOI on Monday.

With the Union ministry of housing and urban affairs (MoHUA) direction to all states last month to ensure that lapsed projects are completed so that homebuyers are not affected, MahaRERA has heard out the developers and given them time to finish the work.

“A total of 356 projects have been given the extension, while 185 projects are in hearings and in the process of being given extensions,” an official in the know told TOI.

The extension to any housing project comes with certain conditions for the developer to follow, said officials.

MahaRERA chairman Ajoy Mehta said the deadline extension is permitted only after due diligence and receiving a project completion guarantee. The aim is to get stalled housing projects completed and protect homebuyers’ interest, he told TOI, adding, “Some people have been complaining that MahaRERA grants extension to projects despite their grievances. I would like to reiterate that the extension is given only after strict scrutiny of all proposals and reasonable conditions to complete the stalled project. MahaRERA’s aim is to ensure a residential project gets completed under any circumstance and homebuyers get their rightful shelter.”

Mehta added, “Grant of extension is conditional and all the rights of homebuyers remain intact. If a flat purchaser does not get possession as per the timeline, they can move MahaRERA. It is the homebuyer’s right to move the housing regulator, should there be any violation.”

If a housing project fails to meet the extended deadline, the developer is permitted to file for additional time — but only after securing consent from 51% of homebuyers. It is to be noted that even if homebuyers provide their consent, their rights under the 2016 Act do not get diluted.

  • Published On Mar 5, 2024 at 05:00 PM IST

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