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Property Related Laws Maharashtra Ministry of Home Affairs Real Estate (Regulation and Development) Act, 2016

The Maharashtra Real Estate Regulatory Authority has issued an Order Extending validity of the project registration under Section 7 (3) of the Real Estate (Regulation and Development) Act, 2016

27-Dec-2022 | Order No .4O/2022

The Maharashtra Real Estate Regulatory Authority has issued an Order Extending validity of the project registration under Section 7 (3) of the Real Estate (Regulation and Development) Act, 2016.

By virtue of the Order, It has been stated that Extension of validity of project registration would be granted on promoters complying with the directions issued under Order No. 7 of 2019 dated 08.02.2019. Further, promoters shall comply with the following procedure, namely:

i)Promoters shall submit the consents as obtained from the allottees irrespective of the number of such consents along with reasons why the required percentage of consents from allottees could not be obtained and why the application for extension should be .considered without the required 51percent consent.

ii)Promoters shall submit an explanatory note setting out the grounds and reasons for delay in completion of the real estate proie.t as well as setting out the need for grant of extension along with documents supporting such grounds a d reasons. The promoter shall also state the steps that would be taken by him to complete the project within the extended period sought.

iii)Application for extension of validity shall be made in Form 'E' as provided in Rule 7(1) of the Rules and application of extension of validity of the project registration shall be accompanied with the prescribed fee calculated in the manner as stated in Rule 7 (3) of the Rules.

iv)Consents of allottees shall be provided in Format 'B' as provided in Circular No. 28 of 2021 dated 08.03.2021 and the promoters shall be bound by the further terms and conditions as may be imposed by the Authority in the interest of the allottees.

v)The grant of extension of the project validity shall not affect the rights accrued in favour of the allottees who have booked their plot or unit or apartment or building in the said real estate project as the case may be for which extension of project validity is sought.

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