The MahaRERA (Maharashtra Real Estate Regulatory Authority ) has permitted developers to request an extension of projects that have already expired without the approval of 51% of the unit’s homeowners.
When the builders do not follow the deadline specified at the point of registration, the project is deemed to have expired. The involved developers are not permitted to promote a project after it has been deemed expired. In the State, 4,500 projects have been abandoned.
MahaRERA has issued an order requiring developers to provide justifications for why their requests should be approved despite not receiving the requisite proportion of support from homeowners.
The order ruled that the developers must provide the consent together with explanations for why they were unable to collect the required proportion of consent from beneficiaries and why the applications for expansions should be examined without the required 51% consent.
The developers have also been instructed to provide an explanatory note outlining the grounds and reasons for the projects’ delays in completion as well as the need for extensions, according to the order issued by MahaRERA secretary Vasant Prabhu. It would also be necessary to present any supporting documentation for these justifications.
