MahaRERA registered projects where completion date, expires on or after March 15, 2020, the period of validity for registration of such projects shall be extended by three months.
By Varun Singh
MahaRERA on Thursday came out with an order allowing extension of three months.
According to MahaRERA all registered projects where completion date, revised completion date or extended completion date expires on or after March 15, 2020, the period of validity for registration of such projects shall be extended by three months.
Further, the time limits of all statutory compliances in accordance with the Real Estate (Regulation and Development) Act, 2016, which were due in March / April / May are extended to June 30, 2020.
Because of Coronavirus scare, a lockdown was announced, post which the Construction work in MahaRERA Registered projects has been severely affected.
MahaRERA order signed by Vasant Prabhu, secretary, MahaRERA stated, “Due to the lockdowns, the supply chains for obtaining construction material have been disrupted and Labour work force may have migrated back to their home states. Due to these circumstances, Real estate projects across Maharashtra will take some time to restart work.”
Recognizing this, RBI has also allowed banks to provide a three month moratorium on fixed term loans and EMI payments.
Therefore, in order to aid government efforts in controlling the damage of COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, the extension was given for projects.
Builder have been demanding that because of Coronavirus scare, the construction work has come to a standstill and hence, there be an extensions.
MahaRERA finally on April 2, came out with an order where the extension has been provided to ongoing projects.
The real estate industry is adversely impacted because of the Covid 19 scare in the country sales are already down.
With the extension, the builder community will finally be relieved that their demand has been met. Though they were demanding six months said a developer.