In a recent order released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), builders can now apply for an extension of their lapsed projects without the previously mandated 51 percent consent from home buyers in the project. The developer will have to state down reasons for not being able to get the requisite percentage of consent from the buyers and submit the same along with their application for extension. The builder will have to also submit all the achieved consent documents and explanatory notes detailing the specific reasons for why the delay was caused which led to the lapse of the project. The applications will be reviewed on a case-by-case basis.
In a recent order released by the Maharashtra Real Estate Regulatory Authority (MahaRERA), the authority will now allow builders to apply for extension of their lapsed projects without the previously mandated 51 percent consent from home buyers in the project. The developer will have to state down reasons for not being able to get the requisite percentage of consent from the buyers and submit the same along with their application for extension.
As per the present rules and regulations, a project is deemed to be lapsed once the developer does not adhere to the prescribed timeline mentioned during registration and procurement of its RERA number. Once a project has lapsed, the developer in question cannot advertise or seller anymore units in the project. Currently the MahaRERA site has over 4,500 lapsed projects.
Apart from formally submitting reasons for being unable to secure the requisite consent, builders will have to also submit all the achieved consent documents with the application. Additionally, the builder will need to submit an explanatory note detailing the specific reasons for why the delay was caused which led to the lapse of the project. The applications will be reviewed on a case-by-case basis.
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