MahaRERA came up with a circular on October 18, which has given yet another extension of 3 months to developers. This extension is for a specific action that developers have to fulfill.
By Varun Singh
MahaRERA came out with a circular that has given yet another extension to developers.
This extension of time is in regards to submission of Form 5 by developers.
The circular states that, Section 4 of the real estate regulatory act states that promoter which is builder shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice and shall produce a statement of accounts duly certified and signed by such chartered accountant.
The circular further reads, “Whereas in view of second wave of COVID-19 pandemic and consequent lockdowns, MahaRERA had issued an order granting an extension of a period of six months from April 15, 2021 to October 14, 2021 for all statutory compliances under section 11 of the act.”
Now in the exercise of the powers under section 37 read with section 34(a), 34(f) and 34(g) MahaRERA issued further directions with immediate effect.
MahaRERA has stated that for all registered projects that are required to submit form 5 for the financial year 2020-21 the deadline for submission of form 5, is being extended from September 30, 2021 to December 31, 2021.
What do Form 5?
Adv Sunil Kewalramani explains, “Form 5 is ‘Annual Report of Statement of Accounts’ of a Project given by the CA of the Developer as per Regulation 4 of Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017. This Form 5 the Developer has to submit every year to MahaRERA.”
On the circular Kewalramani says, “This much needed relief of extension of timelines was required; due to COVID-19 and also as there are technical glitches in the new income tax e-filing portals.”
The builder community is happy with this move too. Anand Gupta, chairman of RERA committee of Buillders Association of India termed the circular as just and fair decision by MahaRERA and said the builder community welcomes the move.