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Realty Experts on six months extension for project completion by MahaRERAAshok Mohanani, President, NAREDCO – Maharashtra and CMD, Ekta World

“At NAREDCO, we were pursuing with Maharashtra’s Real Estate Regulatory Authority seeking for extension of stipulated timelines for completion of real estate projects. Our consistent demand has been heard by the Regulator and the Authority has now extended the mandatory timeline for project completion by another six months. It is a welcome move that will give a major relief to all the developers who are reeling under pressure of meeting the RERA guidelines amid the second wave of COVID pandemic. The demand became all the more pertinent, as the second wave of COVID jolted the recovery path of the sector that was gearing up in the second half of the year. Various factors such as inadequate availability of skilled labour, social distancing norms at construction sites, disruption in cash flows due to increased prices of raw material and overall liquidity crunch at the developers’ ends, have impacted completion of hundreds of real estate projects across Maharashtra and in Mumbai. As the construction activities have suffered and will take a long time to restore the supply chain and re-engagement of machines and the workforce, this extended window permitted by the RERA to complete the projects will save the developers’ fraternity from further damages and allow the much required breathing time.”

Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Secretary, CREDAI MCHI

“The construction activities were adversely affected due to the subsequent lockdowns. We thank the Housing Ministry for treating the pandemic as the Force Majeure as it was affecting the progress of the real estate projects around the country. Also the unavailability of labour and the rising cost of raw materials had added the woes for the real estate industry. The six months extension by Maha RERA would surely provide a much needed relief to the ailing real estate sector.”

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