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Maharashtra Real Estate Regulatory Authority (MahaRERA) on Thursday extended the period of validity for registration of all registered projects where completion date, revised completion date or extended completion date expires on or after March 15, 2020, by three months.
MahaRERA has also announced the extension of time limits for all statutory compliances in accordance with the Real Estate (Regulation and Development Act 2016) and the rules and regulations made thereunder, which were due in March, April, and May 2020 to June 30, 2020.
The authority's order read that in view of the partial lockdown in the state earlier and the eventual nation-wide lockdown, the construction work in MahaRERA registered projects has been severely affected and supply chains for obtaining construction material have been disrupted. Labor workforce may also have migrated back to their home states.
Due to these circumstances, the real estate projects across Maharashtra will take some time to restart work. In order to aid government efforts in controlling the damage of COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been decided to issue this order
The move comes after Reserve Bank of India (RBI) recently allowed banks to provide a three-month moratorium on fixed-term loans and EMI payments.
