MahaRERA grants extensions to key housing projects, ensuring completion
Real Estate

MahaRERA grants extensions to key housing projects, ensuring completion

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved extensions for the completion dates of three housing projects, namely Rustomjee Group?s Rustomjee Crown Phase 1 in Prabhadevi, Rustomjee Summit in Borivali East, and Raunak Group?s Unnati Woods Phase VIII, utilising the authority granted under Section 7(3) of RERA.

Real Gem Builtech, the promoter-developer of the Rustomjee Crown project, sought an extension for its completion date, shifting it from December 31, 2023, to December 31, 2024. During the hearing, the promoter attributed delays to factors such as the Covid-19 pandemic, geopolitical tensions, changes in MCGM notifications, and a shortage of building materials. The project, currently at 86% completion, aims to deliver possession at the earliest.

While the initial completion date was set for December 31, 2021, MahaRERA had previously granted three extensions until December 31, 2023, acknowledging the impact of the pandemic. According to RERA provisions, any alterations to plans or completion dates require the promoter to secure the consent of 2/3rd of homebuyers who have booked apartments in the project. However, Section 7(3) of RERA empowers authorities to maintain a project?s registration while imposing conditions that safeguard the interests of home buyers. Promoters are obligated to adhere to these specified conditions.

In the regulatory order, MahaRERA chairman Ajoy Mehta noted, ?The Act aims to promote the real estate sector efficiently and transparently, safeguarding the interests of consumers. Refusing an extension would bring the project to a standstill, hindering the promoter's ability to take necessary actions for efficient completion due to the lack of registration. Such a course of action would be detrimental to the consumers' interests. Therefore, the appropriate balance lies in granting the extension with specified conditions to ensure completion.?

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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has approved extensions for the completion dates of three housing projects, namely Rustomjee Group?s Rustomjee Crown Phase 1 in Prabhadevi, Rustomjee Summit in Borivali East, and Raunak Group?s Unnati Woods Phase VIII, utilising the authority granted under Section 7(3) of RERA. Real Gem Builtech, the promoter-developer of the Rustomjee Crown project, sought an extension for its completion date, shifting it from December 31, 2023, to December 31, 2024. During the hearing, the promoter attributed delays to factors such as the Covid-19 pandemic, geopolitical tensions, changes in MCGM notifications, and a shortage of building materials. The project, currently at 86% completion, aims to deliver possession at the earliest. While the initial completion date was set for December 31, 2021, MahaRERA had previously granted three extensions until December 31, 2023, acknowledging the impact of the pandemic. According to RERA provisions, any alterations to plans or completion dates require the promoter to secure the consent of 2/3rd of homebuyers who have booked apartments in the project. However, Section 7(3) of RERA empowers authorities to maintain a project?s registration while imposing conditions that safeguard the interests of home buyers. Promoters are obligated to adhere to these specified conditions. In the regulatory order, MahaRERA chairman Ajoy Mehta noted, ?The Act aims to promote the real estate sector efficiently and transparently, safeguarding the interests of consumers. Refusing an extension would bring the project to a standstill, hindering the promoter's ability to take necessary actions for efficient completion due to the lack of registration. Such a course of action would be detrimental to the consumers' interests. Therefore, the appropriate balance lies in granting the extension with specified conditions to ensure completion.?

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