Developers in Maharashtra may get extension for lapsed projects
Real Estate

Developers in Maharashtra may get extension for lapsed projects

Developers are unable to get consent from 51% of the buyers to seek an extension to complete lapsed projects listed by the Maharashtra Real Estate Regulatory Authority (MahaRERA).

According to the latest orders, developers can seek a joint meeting with MahaRERA and the buyers to consider an extension with other conditions.

The authority lists 3,371 expired projects for which the promoters had not applied for an extension and not uploaded in Form 4, a certificate from the architect after completing the project. MahaRERA has a total of 30,668 registered projects, from which 7,214 projects are completed.

Vasant Prabhu, Secretary of MahaRERA, said that the developers of the lapsed projects should follow the procedure and then upload it in Form 4.

Chairman of Maharashtra Society Welfare Association (MSWA), Ramesh Prabhu, told the media that the authority is allowing the developers to complete their lapsed projects.

He said that the allottees must form an association and seek MahaRERA to take over the lapsed projects. They will have land possession by collecting the balance dues or contributing the required amount, so they will be able to complete the project.

Prabhu said that the association might sell unsold properties to release the funds required to complete the project. If the association has to spend more than agreed, the complaint to recover the extra with interest may be filed before MahaRERA, and it is possible to recover the amount.

An advocate of Bombay High Court, Manjunath Kakkalameli, said that a standard operating procedure (SOP) would work only for actual developers who want to complete their project and the authority may allow an extension to complete the lapsed project.

According to the order, if any promoter does not apply for an extension or does not respond, the developer can apply to the MahaRERA under Section 7 to get help.

Image Source


Also read: Delayed realty projects in India face procedural roadblocks now

Also read: First-sale property e-registrations in Maharashtra to begin from Oct

Developers are unable to get consent from 51% of the buyers to seek an extension to complete lapsed projects listed by the Maharashtra Real Estate Regulatory Authority (MahaRERA). According to the latest orders, developers can seek a joint meeting with MahaRERA and the buyers to consider an extension with other conditions. The authority lists 3,371 expired projects for which the promoters had not applied for an extension and not uploaded in Form 4, a certificate from the architect after completing the project. MahaRERA has a total of 30,668 registered projects, from which 7,214 projects are completed. Vasant Prabhu, Secretary of MahaRERA, said that the developers of the lapsed projects should follow the procedure and then upload it in Form 4. Chairman of Maharashtra Society Welfare Association (MSWA), Ramesh Prabhu, told the media that the authority is allowing the developers to complete their lapsed projects. He said that the allottees must form an association and seek MahaRERA to take over the lapsed projects. They will have land possession by collecting the balance dues or contributing the required amount, so they will be able to complete the project. Prabhu said that the association might sell unsold properties to release the funds required to complete the project. If the association has to spend more than agreed, the complaint to recover the extra with interest may be filed before MahaRERA, and it is possible to recover the amount. An advocate of Bombay High Court, Manjunath Kakkalameli, said that a standard operating procedure (SOP) would work only for actual developers who want to complete their project and the authority may allow an extension to complete the lapsed project. According to the order, if any promoter does not apply for an extension or does not respond, the developer can apply to the MahaRERA under Section 7 to get help. Image SourceAlso read: Delayed realty projects in India face procedural roadblocks now Also read: First-sale property e-registrations in Maharashtra to begin from Oct

Next Story
Infrastructure Urban

Implementation Status of Jal Jeevan Mission

Since August 2019 the Government has implemented Jal Jeevan Mission to provide assured potable water through household tap connections in rural India. At the start of the mission only 32.3 million (mn) rural households, representing 16.7 per cent, were reported to have tap water connections. States and union territories have reported that 125.8 mn additional rural households have since been provided with tap connections. As a result, of about 193.6 mn rural households roughly 158.2 mn, or 81.71 per cent, are reported to have tap water supply at home.\n\nThe State, district and village level st..

Next Story
Infrastructure Urban

Jal Jeevan Mission Reaches Eighty One Per Cent Rural Coverage

The Government reported substantial progress under the Jal Jeevan Mission, launched in August 2019 to provide tap water to every rural household. At launch only 32.3 million (mn) rural households had tap connections and states and Union territories reported provision of 125.8 mn additional households by March 2026. Consequently, out of about 193.6 mn rural households around 158.2 mn, or 81.71 per cent, are reported to have tap water at home. The Finance Minister announced extension of the mission until 2028 in the 2025-26 budget speech. The Swachh Bharat Mission Grameen, launched in October 20..

Next Story
Infrastructure Urban

Empowering Local Governance for Sustainable Rural Water Supply

The Ministry of Jal Shakti has aligned the Jal Jeevan Mission (JJM) with the 73rd Amendment to strengthen village level planning and community ownership of water supply. Gram Panchayats, village water and sanitation committees and Pani Samitis are to plan, implement, manage and maintain piped water systems, with gram sabha processes formalising handover and oversight. Implementation support agencies including non government organisations, community based organisations and self help groups have been empanelled to train local committees and promote women participation. Under JJM, the department ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement