-MahaRERA extends project’s deadline without prejudice to homebuyer’s rights
-Sole aim is to get a stalled or stressed housing project completed and homebuyer’s interest stays protected
-Deadline extension is permitted only after due diligence and receiving project completion’s guarantee
The Maharashtra Real Estate Regulatory Authority (MahaRERA) permits deadline extension to any housing project only to protect homebuyer’s interest and with certain conditions on the developer.
Even while the project’s deadline is extended, a homebuyer’s rights remain intact. If a flat purchaser does not get possession as per laid down timeline, he/ she can move MahaRERA, as per the regulations. It is the homebuyer’s right to move the housing regulator, should there be any violation of Real Estate (Regulation and Development) Act, 2016.
In case if a certain housing project fails to meet the extended deadline of a year, the developer is permitted to file for another additional time only after securing 51% consent from the homebuyers. Although the homebuyers provide their consent, their rights under the Real Estate (Regulation and Development) Act, 2016 do not get diluted. The aggrieved flat purchaser can continue to get a fair trial on the petition already filed or intends to move MahaRERA against the project/ developer.
In a scenario if a developer fails to secure 51% consent of the homebuyers, the MahaRERA has the right to grant conditional extension to the project, which was stalled for over a year.
MahaRERA’s only objective is to protect homebuyer’s interest.
Extensions are given after examining the reasons for delay and the efforts that the developer will put in to complete the project during the extended time. Extension is given after a due hearing and by imposing conditions to ensure project’s completion.
“Homebuyers usually put in their life’s savings to buy a home and are emotional about the same. There have been some people complaining that MahaRERA grants extension to projects, despite their grievances filed. I would like to reiterate the obvious, MahaRERA gives extension only after strict scrutiny of all such proposals and reasonable conditions to complete the stalled project. MahaRERA’s aim is to ensure a residential project gets completed under any circumstances and homebuyers get their rightful shelter. Grant of extension is conditional and all the rights of homebuyers remain intact,” said Ajoy Mehta, Chairman, MahaRERA.
