Developers in Maharashtra may get extension for lapsed projects

Developers cannot get permission from 51% of buyers to seek extension to complete dilapidated projects listed by Maharashtra Real Estate Regulatory Authority (MahaRERA).

According to the latest orders, developers can seek a joint meeting with MahaRERA and the buyers to consider an extension with other terms.

The authority lists 3,371 expired projects for which the promoters had not applied for an extension and had not uploaded it in Form 4, a certificate from the architect upon completion of the project. MahaRERA has a total of 30,668 registered projects, of which 7,214 projects have been completed.

MahaRERA secretary Vasant Prabhu said the developers of the derelict projects should follow the procedure and then upload it in Form 4.

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