COVID-19 Impact: MahaRERA extends projects’ completion deadlines by 3 months

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended validity of registration of projects for which completion date, revised completion date and extended completion date expires on or after March 15, 2020 by three months. With this, realty developers will get three months extension to complete their projects. Developers […]

MUMBAI: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended validity of registration of projects for which completion date, revised completion date and extended completion date expires on or after March 15, 2020 by three months.

With this, realty developers will get three months extension to complete their projects. Developers have been seeking project completion time and exemption from penal charges to be extended by a year.

The authority has extended the date after considering the Covid-19 pandemic, lockdown announced by the government, its impact on procurement of material and construction stoppage.

It has also extended the time limits of all statutory compliances in accordance with the Real Estate (Regulation and Development) Act, 2016 that were due in March, April and May to June 30, 2020.

Since mid-March, the Maharashtra government by way of precaution has been declaring controlled lockdowns in the manner that partial workforce has been able to attend work and construction sites in the state.

From March 24, a complete lockdown of the entire country for 21 days was declared, allowing only operation of select essential services. In view of these partial lockdowns and recent complete lockdown, the construction work in MahaRERA registered projects has been affected.

“Due to the aforesaid lockdowns, the supply chains for obtaining construction material have been disrupted and Labour work force may have migrated back to their home states. Due to these circumstances, real estate projects across Maharashtra will take some time to restart work,” the authority said in a statement.

Source Article

Lois C. Ferrara

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