MahaRERA extends projects’ completion deadlines
The authority has extended the date after considering the C0VID-19 pandemic
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended validity of registration of projects for which completion date, revised completion date and extended completion date expire on or after 15 March 2020 by three months.
With this, realty developers will get three months extension to complete their projects. Developers have been seeking project completion time and exemption from penal charges to be extended by a year.
The authority has extended the date after considering the C0VID-19 pandemic, lockdown announced by the government, its impact on procurement of material and construction stoppage.
It has also extended the time limits of all statutory compliances in accordance with the Real Estate (Regulation and Development) Act, 2016 that were due in March, April and May to 30 June 2020.
Since mid-March 2020, the Maharashtra government by way of precaution has been declaring controlled lockdowns in the manner that partial workforce has been able to attend work and construction sites in the state.