Maharashtra housing regulator extends deadline for projects due in April to Oct

In view of the devastating second Covid-19 wave, the Maharashtra Real Estate Regulatory Authority (MahaRera) has evoked the ‘force majeure (unforeseen circumstance)’ clause and extended the completion, revised extension and extended completion dates of real estate projects that were due on or after April 15 by six months to October 14

In view of the devastating second Covid-19 wave, the Maharashtra Real Estate Regulatory Authority (MahaRera) has evoked the ‘force majeure (unforeseen circumstance)’ clause and extended the completion, revised extension and extended completion dates of real estate projects that were due on or after April 15 by six months to October 14.

The last extension on similar grounds was issued during the first wave of Covid-19, wherein an extension was granted from March 15 to September 14, 2020. (HT File)

This extension will not be applicable to projects whose completion date was before April 15.

The order issued by MahaRera on Friday read: “…whereas the second wave was much more devastating than first wave and has caused great loss to human lives as well as economy. And consequent lockdowns have caused disruption of supply chains for obtaining construction material, labour work, forced migration and slowdown in pace of construction. Therefore, in order to aid government efforts in controlling the damage caused due to Covid-19 and ensure that completion of MahaRera-registered projects do not get adversely affected, it has been decided to issue this order.”

Builders have welcomed the order, stating that it has brought a much-needed relief to the sector.

“The second wave of the Covid-19 pandemic has been a major challenge for the real estate sector,” said Niranjan Hiranandani, national president, National Real Estate Development Council (NAREDCO), an association of the builders.

“Activities at various construction sites across the country were severely impacted. MahaRERA’s move to extend the deadline by invocation of force majeure for six months is a welcome step,” he added.

The last extension on similar grounds was issued during the first wave of Covid-19, wherein an extension was granted from March 15 to September 14, 2020.

The real estate sector had been facing a huge slowdown in the past few years and the Covid-19 pandemic has paralysed it further. Builders are unable to complete their projects.