The Maharashtra Real Estate Regulatory Authority (MahaRERA) has allowed developers to apply for extension of lapsed projects without the consent of 51% home buyers in the respective units.
A project is considered lapsed when the developers does not adhere to the timeline mentioned at the time of registration. Once a project is declared lapsed the developers concerned cannot advertise for it. The State has over 4,500 lapsed projects.
MahaRERA has through the recent order directed the developers to cite the reasons for not getting the required percentage of consent from houses allottees and why their applications should be considered. The developers shall submit the consents along with the reasons stating why the required percentage of consents from allottees could not be obtained and why the applications for extensions should be considered without the required 51% consent, the order stated.
The order signed by MahaRERA secretary Vasant Prabhu also stated that the developers have been directed to additionally submit an explanatory note setting out the grounds and reasons for the delay in completions of the projects as well as setting out the need for a grant of extensions. Documents supporting such grounds and reasons would also have to be submitted.
