MahaRERA extends deadline for construction projects by three months

MahaRERA extends deadline for construction projects by three months

In an attempt to provide relief to the builders, the Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday in its order announced a three-month extension for projects whose completion date falls on or after March 15.

The MahaRERA extension of deadlines for its projects comes in sync with RBI’s announcement of granting a three-month moratorium for the payment of home loan EMIs among other working capital loans. Along with this, the realty body has also extended the time limit of all statutory compliances, to June 30 from March, April and May.

“In order to aid the government’s efforts in controlling the damage of COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been considered to issue this order,” said  MahaRERA secretary Dr Vasant Prabhu.

Prabhu further claimed that owing to the lockdown, the supply chain for construction materials has been disrupted and alongside, a majority of the labour workforce may have migrated back to their home states. He said that under the current situation, the real estate projects across Maharashtra will take some time to restart work.

Various realty players expressed their appreciation for the step taken by MahaRERA. Manju Yagnik, Nahar Group’s vice-chairperson said that they welcome MahaRERA’s move in the wake of supply chain disruption, migration of workers and other related issues.

However, NAREDCO vice-president Ashok Mohanani stated that the authority must consider at least a year’s extension and said that the three-month extension would only be a temporary relief.

On the other hand, Poddar Housing and Development’s MD Rohit Poddar told FPJ that MahaRERA’s announcement will provide much relief to home developers as it provides the much required extra time for completion and delivery of the project.

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