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Pune: The Maharashtra real estate regulator authority (Maharera) has allowed developers to apply for extension of lapsed projects without the consent of 51% home buyers in the units concerned.
Homebuyers fear that the MahaRERA decision will further delay the completion of projects that have already missed the deadline. A project is considered “lapsed” when the developer does not adhere to the timeline mentioned at the time of registration. Once a project is declared “lapsed”, the concerned developer cannot advertise for it. There are over 4,500 LAPSE projects in the state.
MahaRERA, through a recent order, has directed the developers to cite the reasons for not obtaining the required percentage of consent from the housing allottees and why their applications should be considered. “The Developer shall submit the consent obtained from the allottees, irrespective of the number of such consents, along with a statement explaining why the required percentage of consent from the allottees could not be obtained and why the application for extension is being considered without the required 51 Need % consent,” the order said.
The order, signed by MahaRERA secretary Vasant Prabhu, also said that the developers have been additionally directed to submit an explanatory note, setting out the reasons and reasons for the delay in completion of the projects, as well as the grants-in-aid. determines the need. Expansion. Documents supporting such grounds and reasons will also have to be submitted.
While officials were hopeful that the new timeline would help in completion of delayed projects, home buyers felt that the new order would lead to further delays.
Homebuyer Jayshree Makur, who invested in a project that has lapsed, said, “We feel such relaxations will further delay the projects despite builders promising a new date for completion Home buyers’ opinion should have been considered before framing the new norm.”
Maharashtra Society Welfare Association Ramesh Prabhu said the order was in the right direction towards completing the lapsed projects. “It is a big challenge to reach out to more than 50% allottees scattered across different locations and get their consent. Similarly, some promoters have also used this consent to get waiver in terms of interest for delayed possession and deficiencies in facilities. did,” he said. Told.
“The new order is very clear. Granting extension without the consent of the allottees does not affect the allottees’ right to claim interest or compensation for delayed possession,” Prabhu said.
Developers Association has also welcomed the decision of MahaRERA. CREDAI state president Sunil Farde said, “The new order will help developers to complete projects with new timelines. No developer likes to leave a project incomplete unless there is a great reason. This house It will also be beneficial for the buyers.
“The new order is very clear. Granting extension without the consent of the allottees does not affect the allottees’ right to claim interest or compensation for delayed possession,” Prabhu said.
Developers Association has also welcomed the decision of MahaRERA. CREDAI state president Sunil Farde said, “The new order will help developers to complete projects with new timelines. No developer wants to leave a project incomplete unless there is a good reason. This will help homebuyers would also benefit.”
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