By Staff Reporter
For several homebuyers in Maharashtra, the wait for their dream homes just got a bit longer. MahaRERA has recently announced extensions for the completion timeline of seven real estate projects across the state. These extensions have been granted following requests from developers, who have cited reasons such as financial challenges, litigation, and the impact of Covid-19 lockdowns.
Out of the seven projects granted extensions, six are situated in the Mumbai Metropolitan Region, while one is nearing completion in Pune. Among them, three projects fall under the commercial segment, while four belong to the residential category. The duration of the extension varies from six to 18 months, depending on the construction stage of each project. MahaRERA has assured that these extensions have been approved after thorough assessment, ensuring that the projects will be completed as planned.
MahaRERA emphasizes that these extensions are intended to safeguard the interests of property buyers and the overall success of the projects. In certain cases, the projects have reached completion, but the developers are unable to obtain an occupation certificate (OC) due to the lapse of their RERA registration.
Notably, similar extension approvals were granted to 20 real estate projects in Maharashtra earlier in March 2023 and May 2023. These decisions stem from a policy change initiated by MahaRERA in December 2022, allowing developers to seek extensions without the mandatory consent of 51 percent of homebuyers.
These extensions are granted under section 7 (3) of the RERA Act, which empowers the regulatory authority to consider individual cases for deadline extensions in the best interests of homebuyers. The section states that instead of revoking the registration, the authority may permit its continuation under specific terms and conditions.
While MahaRERA’s move to grant these extensions aims to address various project-related challenges, experts urge caution. Legal experts highlight the importance of thoroughly evaluating the reasons for delays and the adequacy of the time requested for completion. They stress the need for developers to justify their inability to secure consent from a significant portion of buyers before granting extensions.
Since its establishment in May 2017, MahaRERA has registered over 42,000 real estate projects, with more than 12,000 successfully completed, according to the regulator’s data.