Mumbai: In a major relief to the cash strapped realty players, the Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday in its order announced a threemonth extension for projects whose completion date falls on or after March 15.
The extension of the deadline for MahaRERA projects is in sync with RBI’s announcement of granting a threemonth moratorium for the payment of home loan EMIs and other working capital loans. Besides, MahaRERA has also extended the time limit of all statutory compliances, which were due in March, April and May to June 30.
“In order to aid the government’s efforts in controlling the damage of COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been considered to issue this order,” said MahaRERA secretary Dr Vasant Prabhu.
He further added that due to the lockdown, the supply chain for obtaining construction materials has been disrupted and the labour work force may have migrated back to their home states. “Because of these circumstances, real estate projects across Maharashtra will take some time to restart work,” said Dr Prabhu.
Nahar Group’s vice chairperson Manju Yagnik said, “We welcome MahaRERA’s move in the wake of supply chain disruption, migration of workers and other related issues, as it will take some time for the real estate industry to be on track. A much-appreciated step when the country is under total lockdown to counter the impact of Covid-19 pandemic, leading to the construction work coming to a grinding halt.’’
NAREDCO vice-president Ashok Mohanani said MahaRERA must consider at least a year’s extension saying that the three months extension in only a temporary relief. “All labour are migrants and have returned to their native places at this time. For them to return and monsoon to pass, post which work can resume, it will take about 6 months.
Hence, practically the construction work will continue to be affected for at least six months,’’ he noted. Poddar Housing and Development’s MD Rohit Poddar said that MahaRERA’s announcement will provide a much relief to home developers as it provides the much required extra time for completion and delivery of the project.