The Maharashtra Real Estate Regulatory Authority has decided to give developers a second chance to complete delayed projects after the usual extension of a year, provided over 50% customers of the property concerned agree to it.
Vasant Prabhu, the Maharashtra Real Estate Regulatory Authority (MahaRERA) secretary, said an order was issued to give genuine developers a second chance to complete a stalled project if the consumers were willing to wait. He said, "The extension is subject to consent of more than half the flat buyers and a time-frame would be set.
Prabhu said, "We were getting complaints of delay in project execution. With this order, consumers can take a call on if they want to continue with the project. If more than 50% consumers agree, we can give an extension to the developer."
Nearly 90% of the complaints registered with the MahaRERA are regarding delay in execution of projects. State president of Credai Shantilal Kataria said the order would not only benefit the consumers, but also the developers.