MahaRERA Extension Likely For 10% Of 'Lapsed' Projects

Mumbai

Around 10% of the 3,371 projects termed “expired” by MahaRERA may get extension two weeks after the real estate regulatory authority issued orders for regulating the “lapsed projects”.

The developers have been told to submit necessary documents for seeking extension that will allow them to carry on with the projects. The Maharashtra Real Estate Regulatory Authority (MahaRERA) had put out a list of projects that expired with the promoters not applying for extension and also not uploading Form 4 from the architects on completion of the projects on the website.

A new circular issued last month, laying out conditions to regulate these expired projects, has seen developers of 99 projects submitting the documents. On the other hand, 286 projects have been directed to seek an extension.

“As many as 99 projects will be deleted in the next two days from the earlier list of 3,371. Others have been told to apply for extension till their date of Occupancy Certificate (OC). The names of the projects will be deleted from the ‘expired’ list only if the builders seek extension,” MahaRERA Secretary Vasant Prabhu said. If these developers seek extension, nearly 385 projects will be deleted. This will take the tally of “expired” projects to 2,986.

Maharashtra Societies Welfare Association Chairperson Ramesh Prabhu told TOI, “This is a good sign because if MahaRERA had not flagged such projects as ‘lapsed’, the promoters would not have taken any initiatives to revive them. This will also help the flat purchasers come together and take a collective effort in completing the project through the promoters.

Confederation of Real Estate Developers Associations of India (Credai) State President Sunil Furde said, “This is a good move by MahaRERA. Credai-Maharashtra had also requested for the same arrangements.”

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