In a bid to address the concerns of homebuyers and ensure the completion of stalled housing projects, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken significant steps. With directives from the Union Ministry of Housing and Urban Affairs (MoHUA), MahaRERA has embarked on a mission to extend deadlines for lapsed projects, subject to rigorous scrutiny and consent from stakeholders.
Understanding the Extension Process: According to recent reports, MahaRERA has granted extensions to a total of 541 lapsed projects in the state. These extensions are not granted indiscriminately but are a result of separate hearings and the consent obtained from homebuyers involved in each case. This meticulous process ensures that the rights and interests of homebuyers are safeguarded throughout.
Conditions and Guarantees: Extensions for housing projects come with specific conditions that developers must adhere to diligently. MahaRERA Chairman, Ajoy Mehta, emphasized the importance of due diligence and the receipt of a project completion guarantee before granting any extension. This underscores the authority's commitment to getting stalled projects back on track while protecting the interests of homebuyers.
Maintaining Homebuyers' Rights: It's crucial to note that the extension granted by MahaRERA doesn't diminish the rights of homebuyers under the 2016 Act. In case a housing project fails to meet the extended deadline, developers are required to secure consent from at least 51% of homebuyers before filing for additional time. This ensures that homebuyers retain their rights and avenues for recourse if necessary.
Transparency and Accountability: MahaRERA maintains a transparent and accountable approach throughout the extension process. Chairman Ajoy Mehta reiterated that extensions are granted only after thorough scrutiny of proposals and under reasonable conditions. Homebuyers are encouraged to report any violations or grievances to MahaRERA, ensuring that their rights are upheld and protected.
The initiatives taken by MahaRERA to grant extensions to lapsed housing projects underscore a commitment to addressing the concerns of homebuyers and ensuring timely completion of projects. Through a transparent and accountable process, MahaRERA aims to safeguard the interests of homebuyers while facilitating the revival of stalled projects. Homebuyers are encouraged to stay informed about their rights and leverage regulatory mechanisms in case of any grievances or violations.
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