THE MAHARASHTRA Real Estate Regulatory Authority (MahaRERA) Thursday gave a three-month extension to realtors who were supposed to complete their housing projects by March 15. Under the MahaRERA Act, 2016, developers who cannot complete their projects within the stipulated deadline are liable to be fined.
Since the coronavirus outbreak in the country and related 21-day lockdown, work on almost all real estate projects has come to a standstill. In view of the shutdown, developers had asked for relaxation from the agency for completing the projects.
On Thursday, the MahaRERA issued a circular granting three-month extension to projects that have had March 15 deadline.
The order, signed by the Authority’s secretary Vasant Prabhu, states, “Due to the lockdown, the supply chains for obtaining construction material have been disrupted and labour workforce may have migrated back to their home states.
Due to these circumstances, real estate projects across Maharashtra will take some time to restart work.
Therefore, in order to aid government efforts in controlling the damage of COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, an extension has been given to the projects.”
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines