The wait for hundreds of homebuyers just got longer. The Maharashtra Real Estate Regulatory Authority (MahaRERA) extended the timelines for the completion of 12 real estate projects after developers requested for the same on account of various reasons, including financial hardships, litigation, and stop-work notices from the authorities.
In March 2023, the regulator had extended the deadline for eight real estate projects, choosing extension over allowing registrations to lapse.
The latest extensions range from six months to 3.5 years, depending on the stage of development. The extension has been granted where there are signs that the project would be completed in due course. The MahaRERA gave the extensions citing it to be in the interest of homebuyers and the project at large.
These orders come in the backdrop of a December 2022 policy decision of the MahaRERA, whereby developers were allowed to apply for extension without the necessary consent of 51 percent of homebuyers. The applications were decided on a case-to-case basis.
This time around, 11 of the projects for which timelines have been extended are located in the Mumbai Metropolitan Region (MMR), and one is in Nashik.
These projects were given extensions after the developers filed applications under section 7 (3) of the RERA Act.
Also read: INDIA'SMOST DELAYED RESIDENTIAL PROJECTS
What is section 7 (3) of the RERA Act?
This section allows a RERA authority to extend deadlines on a case-to-case basis if it thinks the extension will serve the interest of homebuyers.
The section reads: "The Authority may, instead of revoking the registration, permit it to remain in force subject to such further terms and conditions as it thinks fit to impose in the interest of the allottees, and any such terms and conditions so imposed shall be binding upon the promoter."
Citing the above, the MahaRERA has given the extensions to the developers with the understanding that they will complete the projects and get occupation certificates (OC).
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