MahaRERA invokes force majeure; allows extension of project registration by 6 months

-

 MahaRERA invokes force majeure; allows extension of project registration by 6 months 

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has invoked force majeure amid the second wave of COVID-19 giving extension to project registration by six months.

A notification regarding same was issued on Friday (August 6). Dr. Niranjan Hiranandani, National President, NAREDCO, said, "It is a move in the right direction, and real state hopes for authorities other than MahaRERA to follow the same thought process, and grant similar relief in terms of Force Majeure to real estate and construction."

As the lockdown was imposed in State from April 2021 impacted construction sites, it had been represented by real estate bodies, including NAREDCO, that a time extension needed to be granted he asserted.

The MahaRERA notification reads, "Second wave was much more devastating than first wave and has caused great loss to human lives as well as economy. And consequent lockdowns have caused disruption of supply chains for obtaining construction material, Labour work force migration and slowdown in pace of construction

'Therefore, in order to aid govemment efforts in controlling the damage coused due to COVID-19 and ensure that completion of MahaRERA registered projects does not get adversely affected, it has been decided to issue this order."

Following the notification now all MahaRERA Registered projects where completion date, revised completion date or extended completion date expires on or after April 15th, the period of validity for registration of such projects shall be extended by six months.

Comments

Post a Comment

Popular posts from this blog

Information regarding Share Certificate of Housing Societies

-
Information regarding Share Certificate of Housing Societies Share Certificate is one of the most important documents issued to the members of the Co-operative housing society As per Model Bye-laws# 9(a): A Share Certificate, prescribed in bye-laws, bearing distinctive number and indicating the name of the Member, the number of shares issued and the value paid there on, shall be issued by the Society to every Member for the shares subscribed by him, within a period of six months of the allotment of the shares. In Maharashtra, societies are governed by Maharashtra Cooperative Societies Act. This Act provides the rules and regulations governing Cooperative Housing Societies also. Total Authorized Share Capital of a Co operative Society is fixed by Registrar of Co op Societies at the time of registering the Society. This share capital is divided into shares of Rs 50/- each. After the amendment to the byelaws in 2014, in cooperative housing societies in Maharashtra, each member has...
Read more

Builder bound to form Society if 51% flats are booked as per MahaRERA

-
Maharashtra Government has notified RERA rules to regulate Real Estate Industry as directed by Central Government. Under new RERA Rules Builders are duty bound to give conveyance and form society if 51% of flats are “Booked”. Within three months of 51% booking the project, builder is duty bound to form a society and hand over conveyance to the newly formed society. Maharashtra RERA Rule 9. Formation of legal entity and transfer of title. – (1) Promoter to enable formation of Legal Entity like Cooperative Society, Company, Association, Federation etc. under clause (e) of sub-section (4) of section 11 of the Act.- (i)Where a Co-operative Housing Society or a Company or any other legal entity of allottees is to be constituted for a single building not being part of a Layout; or in case of layout of more than one building or a wing of one building in the layout, the Promoter shall submit the application in that behalf to the Registrar for registration of the Co-operative Housing Societ...
Read more

100 POINT SECURITY GUIDELINES TO CITIZENS IN HOUSING SOCIETIES

-
Image
Mr. Quaiser Khalid,  Addn Commissioner of Police East Region, Chembur, Mumbai 400071 Tel: 25230893 / 4 http://mumbaipolice.maharashtra.gov.in 100 POINT GUIDELINES TO CITIZENS IN HOUSING SOCIETIES [Letter written on 23rd April, 2013 by Additional Commissioner of Police, East Region, Mumbai.] Dear Citizens: As Additional Commissioner of Police, East Region, I am happy to communicate with you through this initiative. Since I assumed office, I have been reviewing various aspects related to security and welfare of the citizens in the East Region, which comprises of Zone 6 (10 Police stations) & Zone 7 (8 Police Stations). I would like to share certain important guidelines to be followed by every housing society. Some of the housing soceities may have their own rule book, but may or may not strictly follow them on a day to day basis.  Hence, as a first step, I would like every Housing Society to take a serious look at the guidelines listed here and impl...
Read more