On 2nd April 2020 MAHA RERA announced the extension for Project completion for 3months. Whoever the completion date, the revised completion date, or the extended project completion date expires in or after March 15, 2020
Nationwide lockdown to stop the coronavirus from spreading in India has stopped the construction activity to a log halt, On 2nd April 2020 Maharashtra Real Estate Regulatory Authority, announced the completion deadlines with relaxation mode, it will help the state’s developer’s slowdown hit.
Henceforth the project which was supposed to complete by March 30th 2020 can complete their project by June 30-2020, as there will be no single penalty charged for delaying the project.
Deadline Extension announced by MAHA RERA
On 2nd April MAHA RERA announced for the extension of completion of the project which were supposed to complete by 30th march 2020. The extension date will be for 3month till 30th June 2020.
There will no single penalty will be charged for delaying the project completion. Even if you see the lockdown has been also affected on the supply chain for lack of construction material and workforce may also go back to their home states. Because of these circumstances, real estate project across Maharashtra will take some time to restart work, the MAHA RERA said in a statement.
MAHA RERA Move is welcome by Builders
As the COVID-19 hit the market many builders, as well as the developers, were panic for the completion of the project as well as the selling of the property. Because of MAHA RERA announcement for extensions for project completion will provide relief to many builders and developers in the market. Because of this extension period, the Home developers will get more quality time to complete the project and as well as they can get many quality customers.
The govt. is taking many major steps for this sector, during this lockdown period. Developers are hoping this crisis will get over soon, steps like MAHA RERA took can reduce the stress of the lockdown in a very short time.
What is the Real Estate Regulation Act (RERA)
Pune Housing Inventory
Looking forward to a demand slowdown, builders with running projects in Pune, have been in under pressure from the last three years. There are many unsold properties in Pune due to the slowing of demand for new houses. With the impact of COVID-19, the impact is getting to this sector also the rising of unsold properties are also getting more. As you find the current scenario even after the lockdown I get over, activities gonna not get stable and which gonna cause delay for between 4 to 6 months at least.
As you can see MAHA RERA move cannot compensate the sector with the actual project delays which are like to witnesses, definitely it is a right decision in the right direction, which supports the real estate developers and the sector also.
Many developers say the authority should look for offering more relaxation period for the future, keeping in mind to the current COVID-19 situation. If MAHA RERA is taking care of the current time frame and deadlines of the projects. Developers says if there is any further crisis take place then MAHA RERA should take similar kind off action for the completion of the project.
