-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.

Also Read: MahaRERA: Those submitting Quarterly Progress Report (QPR) without notice has increased from 0.03% in January 2023 to 52.60% in June 2023

The post Project deadline is extended only after receiving Guarantee of completion: MahaRERA appeared first on Square Feat India.

The reason being that these 584 realty projects registered with MahaRERA have not uploaded quarterly progress reports (QPR) for their projects.

According to a MahaRERA statement, these 584 projects, are among the 746 that were registered in January in Maharashtra. The cost of these 746 projects is ₹22,449 crore and comprises of 50,288 apartments, and of these 546 realty projects have not uploaded their QPRs, which they were suppose to update by April 20.

MahaRERA has given a period of 15 days to these developers to respond and if they don’t then action will be taken by the authority.

Once project registrations are put under suspension, the developer cannot market, advertise, or sell apartments in the project until the suspension order is revoked.

As per Section 4 (2) (D) of the Real Estate (Regulation and Development) Act, 2016, promoters are required to open a separate account in a scheduled bank exclusively for the project. RERA stipulates, that 70 percent of the amounts received from homebuyer for the real estate project is to be deposited in a separate RERA-designated bank account to cover the cost of land and construction for the project.

QPRs allow homebuyers to track the actual status of construction and progress of projects every quarter, which enables them to decide whether or not to invest in the project.

Under the act, developers are required to submit project status, the financial position of the project, booking numbers, annual reports, quarterly reports, and other details.

“As per Section 11 of the RERA Act, the developers after receiving RERA registration number of their project are expected to upload quarterly progress reports. However, the compliance level is very low in the fresh projects registered in January 2023. Out of the over 746 registrations, 584 have not given any quarterly update, and around 162 developers have given some update,” read a statement by MahaRERA.

According to MahaRERA data, over 21,500 projects are currently underway and close to 40,000 have been registered in the last six years.

Also Read: MahaRERA fines 12 developers Rs 5.85 lakh for printing advertisements without MahaRERA number

The post Notices issued to 584 Realty Projects by MahaRERA appeared first on Square Feat India.

By Varun Singh

In a response in the legislative council, the deputy chief minister of the state, Devendra Fadnavis on Tuesday informed that Mumbai police has registered FIR against five developers for violating Supreme Court guidelines.

Fadnavis apart from other ministries like finance also holds the portfolios like Home and Housing. While Housing department deals with the real estate development sector, Home department deals with the police force.

According to reports, Devendra Fadnavis in a written reply to the state’s legislative council informed that, the Mumbai police has registered FIR against five developers for violating the Supreme Court guidelines of ‘No construction work and silence zone from 10 pm to 6 am.

In his Facebook live in March the then Mumbai Police Commissioner Sanjay Pandey had said that he was upset with the builder community.

The police commissioner was upset because citizens are being harassed. The Mumbai Police had even informed about an action taken against Mahavir Developers in Chembur for carrying out work during the night.

The police commissioner himself informed via his live that under section 115 of Bombay Police act action was taken against the Developer in Chembur.

He had said, “Builders work under limits, work till 10 pm.”

Pandey had said, “I had called MCHI and they thought, saheb must be saying all this, but nothing will happen, OK, I think we had called those fellows, developers and given them warning, shall not misuse rights given to you (builders). But it appears this has not been listened to. Hold on, yesterday we took action in Chembur under Bombay Police act, but now we will take action under IPC.”

Finally Devendra Fadnavis has now informed that action against five developers was taken by the police.

Also Read: Developers Finally Listen to Mumbai Police Commissioner

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