The Maharashtra Real Estate Regulatory Authority (MahaRERA) has invoked force majeure amid the second wave of COVID-19 giving extension to project registration by six months.
A notification regarding same was issued on Friday (August 6). Dr. Niranjan Hiranandani, National President, NAREDCO, said, "It is a move in the right direction, and real state 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."
As the lockdown was imposed in State from April 2021 impacted construction sites, it had been represented by real estate bodies, including NAREDCO, that a time extension needed to be granted he asserted.
The MahaRERA notification reads, "Second wave was much more devastating than first wave and has caused great loss to human lives aswell as economy. And consequent lockdowns have caused disruption of supply chains for obtaining constructionmaterial, Labour work force migration and slowdown in pace of construction'Therefore, in order to aid govemment efforts in controlling the damage coused due to COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been decided to issuethis order."
Following the notification now all MahaRERA Registered projects where completion date, revised completion date or extended completion date expires on or after April 15th, the period of validity for registration of such projects shall be extended by six months.
