Mumbai: Maharashtra Real Estate Regulatory Authority (MahaRERA) has extended the validity of registration of projects for which completion date, revised completion date and extended completion date is expiring on or after March 15, 2020.
With this, realty
developers will get a three-month extension to complete their projects.
Developers are asking for time to complete the project and the exemption from
penalty fees can be extended for up to one year.
The authority has
extended the date after considering the government declared Covid-19 pandemic,
lockdown, its impact on material procurement and construction stagnation.
It has also extended the deadline for all statutory compliance as per the Real Estate (Regulation and Development) Act, 2016 which were in force from March, April and May to June 30, 2020.
Since mid-March, the Maharashtra government has announced a controlled lockdown as a precaution in a way that a partial workforce has been able to participate in work and construction sites in the state.
From 24 March, a complete lockdown was declared for 21 days across the country, allowing only the operation of essential services. In view of these partial lockdowns and recently completed lockdowns, construction work has been affected in MahaRERA registered projects.
“Due to the aforesaid lockdown, the supply chain to obtain construction material was disrupted and the labor force moved back to their home states. Due to these circumstances, real estate projects across Maharashtra will take some time to resume work,” the authority said in a statement.
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