In the backdrop of the second wave of COVID-19, The Maharashtra Real Estate Regulatory Authority (MahaRERA) has given a six month extension for real estate projects whose completion date, revised completion date or extended completion date expired on or after April 15, 2021.
“The time limit for compliances under Section 11, which become due anytime during force majeure period, shall stand automatically extended for a period till the expiry of force majeure period,” Vasant Prabhu, secretary, MahaRERA, said in a notification released on August 6.
“In order to aid government efforts in controlling the damage caused due to COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been decided to issue this order,” he said.
The MahaRERA notification said that the "extensions shall not affect the rights of the allottees as may be available to the allottees under the provisions of the Real Estate (Regulation and Development) Act, 20l6 made thereunder."
Builders welcomed the move.
"The second wave of the COVID-19 pandemic has been a major challenge for real estate," said Niranjan Hiranandani, National President, NAREDCO.
The lockdown imposed in Maharashtra from April 2020 impacted construction work and Naredco had made a representation to the government for a timeline extension.
“MahaRERA has invoked the Force Majeure provision on account of the COVID-19 second wave for a period of six months w.e.f. April 15, 2021. This includes an extension of project registration by six months with effect from that date. It is a move in the right direction and real estate sector hopes that other authorities will follow suit,” he said.
“It is a welcome move that will give a major relief to all the developers who are reeling under pressure of meeting the RERA guidelines amid the second wave of COVID-19. Since construction activity has been impacted and will take a long time to restore the supply chain and re-engagement of machines and the workforce, this extended window permitted by the RERA to complete the projects will provide some breathing space,” said Ashok Mohanani, President, NAREDCO, Maharashtra and CMD, Ekta World.
Also Read: What RERA timeline extension means for homebuyers, real estate developers
Earlier this month, the Uttar Pradesh Real Estate Regulatory Authority (UPRERA) decided to grant nine month additional extension for registration of the projects whose original registration or extended registration ends on or before December 31, 2021 in the NCR region and six months in the non-NCR region on account of the second wave of COVID-19.
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