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MahaRERA grants six-month extension to builders to deliver projects, Real Estate News, ET RealEstate

MahaRERA grants six-month extension to builders to deliver projects, Real Estate News, ET RealEstate
MUMBAI: The Maharashtra Real Estate Regulatory Authority on Friday allowed a six-month relief to builders to deliver projects by accepting their demand for invoking the ‘force majeure’ clause because of the second wave. This is the second time in the pandemic that the authority has granted such a relief for the builders in the state.

“All MahaRERA registered projects where completion date, revised completion date or extended completion date expires on or after April 15, 2021, the period of validity for registration of such projects shall be extended by six months,” the Authority said in a notification.

The Authority added that it will accordingly issue project registration certificates with revised timelines for such projects at the earliest and also made it clear that the extension will not apply to projects that were to be completed before April 15.

The notification said the state government had on April 13 issued directions regarding restrictions on the movement of people because of the second wave of infections and added that this wave was more lethal.

The lockdowns led to construction activities coming to a standstill due to non-availability of labour and impact on the movement of building material, it said.

“A force majeure period of six months from April 15 to October 14 is being declared,” the notification said.

The order has been issued in order to aid government efforts in controlling the damage caused due to COVID-19 and ensure that completion of projects does not get adversely affected, it added.

The time limits for projects, which became due anytime during the force majeure period, will automatically stand extended for a period till the expiry of the period, it said clarifying that the rights of the allottees will not get affected through the order.

The notification said promoter organisations had represented before the Authority requesting for this relief in the wake of the second wake crippling the industry.

“It is a move in the right direction and the real estate hopes for authorities other than MahaRERA to follow the same thought process and grant similar relief,” developer Niranjan Hiranadani, national president of realty industry body Naredco, said.


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