Maharashtra RERA Grants Extension To Bhumiraj Builders To Complete Project

Maharashtra Real Estate Regulatory Authority (MahaRERA) bench, comprising Ajoy Mehta (Chairperson), granted a 4-year extension to Bhumiraj Builders Pvt. Ltd for its project, which includes four towers, namely Bhumiraj Hills Towers 1, 2, 3, and 4, under Section 7(3) of RERA, 2016. Previously, MahaRERA had granted three extensions to all registered projects due to the negative impact of the pandemic on the real estate sector.Under Section 6, builders can be granted one-year extension to complete their projects in cases of force majeure event. Whereas Section 7(3) empowers RERA to extend the project duration with specified terms and conditions if it is deemed to benefit the Homebuyers. Background Facts The builder, who is the promoter of Bhumiraj Hills Tower 1, 2, 3, & 4, filed an extension application on 27.11.2023 to seek an extension for the said project. The completion date of the project was initially set for 31.12.2022, however, it was extended to 30.11.2023 by MahaRERA due to COVID-19. The builder contended that the project was delayed due to certain litigations between the promoter and lenders, and since all litigations have now concluded, they would like to proceed with the project towards completion. Thus, the builder filed an extension application before MahaRERA to seek an extension from 01.12.2023 to 31.12.2027. RERA Order MahaRERA extended the project from 01.12.2023 to 31.12.2027, stating that without the extension, the entire project would come to a halt, adversely affecting homebuyers who have already made payments for their respective flats. MahaRERA placed reliance on Section 7 of RERA, 2016 which is read as follows: Section 7: Revocation of registration (3) The Authority may, instead of revoking the registration under sub-section (1), permit it to remain in force subject to such further terms and conditions as it thinks fit to impose in the interest of the allottees, and any such terms and conditions so imposed shall be binding upon the promoter. MahaRERA further held that the aim of RERA is to promote the real estate sector in an efficient and transparent manner and to protect the interests of homebuyers. Thus, an extension needs to be granted to ensure that the completion of the said project is not interrupted. Additionally, MahaRERA has imposed the following conditions on the builder. These include completing construction work and obtaining an Occupancy Certificate (OC), with cooperation from allottees to safeguard their rights. The promoter is required to submit charts outlining project milestones within 15 days and furnish monthly progress reports to both MahaRERA and allottees. Furthermore, upon receiving part/full OC, the promoter must ensure timely updates to MahaRERA and the project registration webpage. In conclusion, MahaRERA extended the completion date of the project from 01.12.2023 to 31.12.2027, with conditions that consider the interests of the homebuyer under Section 7(3) of RERA 2016. Promoter Name: Bhumiraj Builders Pvt. Ltd. Project Name: Bhumiraj Hills Tower 1,2,3, & 4 Citation: Regulatory Case No. 175,176, & 177 Of 2024 Click Here To Read/Download Order

Maharashtra RERA Grants Extension To Bhumiraj Builders To Complete Project

Aryan Raj

Tags