+
MahaRERA extends deadline for completion of 8 projects in Mumbai
Real Estate

MahaRERA extends deadline for completion of 8 projects in Mumbai

In a series of orders issued over the course of the past month, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted developers of at least eight projects in the Mumbai Metropolitan Region (MMR) to extend project completion dates without the necessary approval of the homebuyers.

The MahaRERA made the decision in cases where there are indications that the project will be finished soon.

These rulings follow a MahaRERA policy decision from December 2022 that permitted developers to request for an extension under section 7 of the RERA Act without the required 51 per cent approval of homebuyers, with a later decision being made on a case-by-case basis for genuine applicants.

What is the order? The MahaRERA extended the deadline for developments in the MMR, including Poonam Heights, Ekta Parksville phase 2, Brooklyn Park phase 2, Ekta Parksville phase 3, Brooklyn Park phase 4, Ekta Greenville phase 2, and Ekta Tripolis phase 1, citing the need to protect homeowners' interests.

These projects received extensions after their developers submitted MahaRERA applications in accordance with RERA Act section 7(3).

Also read:
Private equity inflows into Indian real estate fell 95%
Centre to discuss ways to redress consumer grievances in real estate


In a series of orders issued over the course of the past month, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has permitted developers of at least eight projects in the Mumbai Metropolitan Region (MMR) to extend project completion dates without the necessary approval of the homebuyers. The MahaRERA made the decision in cases where there are indications that the project will be finished soon. These rulings follow a MahaRERA policy decision from December 2022 that permitted developers to request for an extension under section 7 of the RERA Act without the required 51 per cent approval of homebuyers, with a later decision being made on a case-by-case basis for genuine applicants. What is the order? The MahaRERA extended the deadline for developments in the MMR, including Poonam Heights, Ekta Parksville phase 2, Brooklyn Park phase 2, Ekta Parksville phase 3, Brooklyn Park phase 4, Ekta Greenville phase 2, and Ekta Tripolis phase 1, citing the need to protect homeowners' interests. These projects received extensions after their developers submitted MahaRERA applications in accordance with RERA Act section 7(3). Also read: Private equity inflows into Indian real estate fell 95% Centre to discuss ways to redress consumer grievances in real estate

Next Story
Infrastructure Urban

Budget Proposal Aims to Boost Investments

The recent budget proposal has introduced measures designed to promote investments and generate job opportunities across various industries, as reported by the Economic Times. This initiative seeks to stimulate economic activity and strengthen the country's growth trajectory by encouraging both domestic and foreign investments. Key aspects of the proposal include targeted incentives for sectors poised for expansion, such as renewable energy, infrastructure, and technology. The government aims to create a more favorable investment climate by offering tax benefits, subsidies, and streamlined reg..

Next Story
Infrastructure Urban

Indian Financial System Resilient Amidst Challenges

The Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao has emphasized the robust nature of the Indian financial system despite global economic headwinds, according to Economic Times. Rao?s comments reflect confidence in the stability and resilience of India's financial sector amidst a backdrop of international economic uncertainties and financial volatility. Rao highlighted that India?s financial system is well-equipped to handle external shocks due to its solid regulatory framework and prudent risk management practices. The country?s banking sector has demonstrated resilience throug..

Next Story
Infrastructure Energy

SC Allows State Tax on Mines, Minerals

Opposition leaders have welcomed the Supreme Court's recent decision permitting states to levy taxes on mines and mineral-bearing lands, as reported. The ruling is seen as a significant victory for state governments seeking greater control and revenue from natural resource extraction within their jurisdictions. The Supreme Court?s decision empowers states to impose taxes on mining operations and mineral-rich lands, which could enhance their revenue streams and enable better management of local resources. This move is particularly important for states with substantial mineral resources, as it a..

Talk to us?