The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted an extension to over 540 lapsed housing projects in the state, allowing developers more time to complete the projects. This decision comes in response to the Union ministry of housing and urban affairs’ directive to all states to ensure that lapsed projects are completed to protect the interests of homebuyers.
Process and Conditions
According to officials, the extension is granted after separate hearings and obtaining consent from the homebuyers involved in each case. A total of 356 projects have already been given the extension, while 185 projects are currently undergoing hearings for a potential extension. The decision to grant an extension is subject to certain conditions that developers must adhere to.
Aim to Protect Homebuyers’ Interests
MahaRERA chairman Ajoy Mehta emphasized that the extension is only given after thorough scrutiny, ensuring that developers meet the necessary requirements for completion. The goal is to get stalled housing projects back on track and ensure that homebuyers receive their rightful homes. Mehta also clarified that the extension does not dilute the rights of homebuyers under the 2016 Act. If a flat purchaser does not receive possession as per the newly extended deadline, they retain the right to approach MahaRERA for a resolution.
Consent and Permissions
If a housing project fails to meet the extended deadline, the developer is allowed to file for additional time but only after securing consent from a majority (51%) of homebuyers. This ensures that the rights of homebuyers are protected, and they have a say in the project’s progress.
MahaRERA’s Commitment
MahaRERA is committed to ensuring that residential projects are completed, irrespective of the circumstances, and that homebuyers’ interests are safeguarded. The regulatory body takes strict measures to scrutinize project proposals and impose reasonable conditions to encourage developers to complete stalled projects. Homebuyers are encouraged to exercise their rights and approach MahaRERA in case of any violations or grievances. With the grant of extensions and the focus on completion, the real estate sector in Maharashtra shows promising signs of recovery. Developers can seize this opportunity to fulfill their commitments and deliver homes to the waiting homebuyers.
