MahaRERA extends completion dates for three housing projects

Mumbai: The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted extensions to the completion dates of three housing projects, including Rustomjee Group’s Rustomjee Crown Phase 1 in Prabhadevi, Rustomjee Summit in Borivali East, and Raunak Group’s Unnati Woods Phase VIII, under Section 7 (3) of RERA.

Real Gem Builtech Pvt Ltd, the promoter-developer of the Rustomjee Crown project, applied for an extension of its completion date from December 31, 2023, to December 31, 2024. During the hearing, the promoter cited delays due to the Covid-19 pandemic, geopolitical tensions, MCGM notification changes, and shortage of building materials. The project is almost 86% complete and they intend to handover the possession at the earliest.

Though the original completion date was December 31, 2021, MahaRERA had previously granted three extensions till December 31, 2023, considering the pandemic. RERA provisions state that the promoter needs to obtain the consent of 2/3rd of homebuyers who have booked apartments in the project if any change in plans or completion date is required. However, Section 7(3) of RERA allows authorities to keep a project’s registration intact by setting conditions that protect home buyers’ interests. Promoters must follow these conditions.

MahaRERA chairman Ajoy Mehta observed in the regulatory order, “...it is clear that the whole aim of the Act has been to promote the real estate sector efficiently and transparently and protect the interest of the consumers. Thus, by not extending the registration of the said project, the same will come to a halt. The promoter shall not be able to take actions for efficient completion as may be required in view of the lack of registration. Such an action will only be detrimental to the interest of the consumers. This balance of convenience lies in allowing the extension with such condition to ensure completion,”

Similarly, an extension was granted to the Rustomjee Summit project in Borivali East, with the completion date extended from December 31, 2023, to December 30, 2024. Keystone Realtors, the promoter, highlighted obtaining the Occupancy Certificate(OC) for floors 1 to 38 in August 2023 and they were in the process of obtaining OC for the last two floors.

MahaRERA also extended the completion date for the Unnati Woods project in Kavesar Thane, a single residential building. The promoter, Rajan Bandelkar of Raunak Group, explained changes in government policy allowing additional construction floors. The extension directs the developer to obtain the Occupancy Certificate for up to 24 floors by June 30, 2025, and complete construction up to the 45th floor by December 31, 2027.