Real Estate

Real Estate Transactions

MahaRERA invokes force majeure; extends project completion deadline by 6 mths

Mint  

The Maharashtra Real Estate Regulatory Authority (MahaRERA) invoked the force majeure clause, following the second wave of the pandemic, to extend the registration validity of projects for which completion date, revised completion date and extended completion date expires on or after 15 April 2021, by six months. The automatic extension will not be available to projects that were to be completed before 15 April 2021. Property developers in Maharashtra will get another six months to complete their projects. Though the impact of the second wave of covid-19 was less than in 2020, project construction suffered, and project sites came to a standstill due to non-availability of labour and restricted movement of building material etc, particularly in Maharashtra. This would be the second extension that RERA has provided in the wake of the pandemic and the national lockdown that was announced by the government last year.