Officials informed The Times of India on Monday that the Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted extensions to a total of 541 stalled projects in the state. Each project underwent separate hearings and received approval from the respective homebuyers involved for the deadline extension.
With the Union ministry of housing and urban affairs (MoHUA) direction to all states last month to ensure that lapsed projects are completed so that homebuyers are not affected, MahaRERA has heard out the developers and given them time to finish the work.
A total of 356 projects have been given the extension, while 185 projects are in hearings and in the process of being given extensions.
The extension to any housing project comes with certain conditions for the developer to follow, said officials.
MahaRERA chairman Ajoy Mehta said the deadline extension is permitted only after due diligence and receiving a project completion guarantee. The aim is to get stalled housing projects completed and protect homebuyers’ interest, he told TOI, adding, “Some people have been complaining that MahaRERA grants extension to projects despite their grievances. I would like to reiterate that the extension is given only after strict scrutiny of all proposals and reasonable conditions to complete the stalled project. MahaRERA’s aim is to ensure a residential project gets completed under any circumstance and homebuyers get their rightful shelter.”