Maharera, the Maharashtra Real Estate Regulatory Authority, plays a crucial role in safeguarding the interests of homebuyers and ensuring the timely completion of housing projects. One of the key mechanisms employed by Maharera to address stalled projects is the extension of time, which is granted with the sole objective of protecting consumers’ interests and facilitating the completion of the project.
Extension of time is granted to stalled projects to ensure that the interests of customers are protected and that the project reaches completion. This extension is not aimed at suspending or nullifying the rights of homebuyers. Even during the extended period, homebuyers retain their rights, and they can seek redressal of grievances through Maharera if possession is not granted within the stipulated timeframe.
It’s important to note that Maharera’s extension of time is contingent upon certain conditions. The authority ensures that the developer provides valid reasons for the delay and outlines concrete efforts to complete the project within the proposed/extended period. Moreover, Maharera conducts due hearings and imposes conditions to ensure accountability and transparency throughout the process.
Even in cases where the developer seeks extension with the consent of more than 51% of the residents, the rights of individual homebuyers remain intact. The consent of residents does not nullify any existing complaints or grievances filed with Maharera. Additionally, if a project remains stalled for over a year and the developer fails to obtain the required consent, Maharera may grant permission for project completion under specific conditions.
Maharera’s primary objective while extending deadlines for stalled housing projects is to secure the investments of homebuyers and facilitate the completion of the project. By providing extensions only after thorough evaluation and consideration of the developer’s commitments, Maharera strives to ensure that consumer interests are safeguarded and that projects are completed within reasonable timelines.
