In a relief to the realty players struggling to cope with the present coronavirus pandemic and economic downturn, the Maharashtra Real Estate Regulatory Authority (MahaRERA) on Friday has extended the validity for registration of all registered projects with it to October 14 from April 15. MahaRERA will accordingly issue project registration certificates, with revised timelines for such projects at the earliest. The regulatory body has, however, clarified that the automatic extension shall not apply to projects that were completed before April 15, 2021.
‘’In exercise of powers under section 37 read with section 34(a), 34(f) and 34 (g), a force majeure period of six month, from April 15 to October 14, 2021 is being declared. For all MahaRERA registered projects where completion date, revised completion date or extended completion date expires or after April 15, the period of validity for registration of such projects shall be extended by six months,’’ said MahaRERA Secretary Dr Vasant Prabhu in the order issued today. He further said the decision has been taken in order to aid government efforts in controlling the damage caused due to COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected.
Builders Association of India Chairperson of Housing RERA Committee Anand Gupta said the MahaRERA’s order is a timely move to provide relief to the developers and consumers to avoid unnecessary conflict and paper work.
Further, Prabhu said the time limits for compliances under section 11, which becomes due anytime during force majeure period, shall stand automatically extended for a period till the expiry of force majeure period. Section 11 is related to all the obligations to be complied by the promoter with regard to the sanctioned plan, specifications and other compliances like updating the website every three months with the certificate of architect, structural engineer and chartered accountant.
‘’The above extensions shall not affect the rights of allottees as may be available to the allottees under the provisions of the Real Estate (Regulation and Development) Act, 2018, the Rules and Regulation made thereunder,’’ said Dr Prabhu.
NAREDCO National President Dr Niranjan Hiranandani said, ''It is a move in the right direction, and real estate hopes for authorities other than MahaRERA to follow the same thought process, and grant similar relief in terms of Force Majeure to real estate and construction.”
Real estate has faced various challenges during the pandemic, most important being reverse migration of labourers to their native places and break in supply chain of construction material. Activities at various construction sites across the country were severely impacted. ''In Maharashtra, the move by MahaRERA, extending invocation of Force Majeure for six months is a welcome step,” he said.