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.?

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.?

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?