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.

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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

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