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The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reaffirmed its commitment to protecting the interests of homebuyers by allowing deadline extensions for housing projects under specific conditions.
The primary objective behind permitting deadline extensions is to ensure the completion of stalled or stressed housing projects while protecting the rights of homebuyers. Even with an extended timeline, the rights of homebuyers remain unaffected. Should a flat purchaser fail to receive possession within the stipulated time frame, they retain the option to approach MahaRERA for redressal under the Real Estate (Regulation and Development) Act, 2016.
In the event that a housing project fails to meet the extended deadline, developers are required to obtain consent from at least 51% of the homebuyers before applying for further extension. However, it is essential to note that the consent of homebuyers does not diminish their rights under the aforementioned Act. MahaRERA ensures that any grievances filed by flat purchasers are duly addressed, regardless of the extension status of the project.
In cases where developers are unable to secure the requisite consent from homebuyers, MahaRERA reserves the right to grant conditional extensions to projects that have been stalled for over a year. These extensions are granted following a thorough examination of the reasons for the delay and the developer's commitment to completing the project within the extended timeframe.
Ajoy Mehta, Chairman of MahaRERA, emphasised the authority's dedication to safeguarding the interests of homebuyers. He clarified that any extensions granted by MahaRERA are subject to rigorous scrutiny and are accompanied by reasonable conditions aimed at ensuring the timely completion of stalled projects. Mehta reiterated that MahaRERA's overarching goal is to facilitate the completion of residential projects and ensure that homebuyers receive their rightful shelter. Extension approvals are contingent upon fulfilling the specified conditions, and the rights of homebuyers remain fully intact throughout the process.
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