Maharashtra RERA Case: RDP Realtors Granted Extension for Shanti Luxuria Project

In a recent regulatory case before the Maharashtra Real Estate Regulatory Authority (MahaRERA), a decision was made regarding an extension application filed by RDP Realtors, the promoter/developer of the Shanti Luxuria project. The case, with regulatory case number 23 of 2023, involved a request for an extension of the project's registration under Section 7(3) of the Real Estate (Regulation and Development) Act, 2016. The extension application was heard on 16th May 2023, and the final order was issued on 18th May 2023. This article provides an in-depth analysis of the case, including the background, arguments, and the Authority's decision.

Background:

RDP Realtors, the promoter/developer, had registered the Shanti Luxuria project under the MahaRERA project registration number P51700012995. The original date of completion provided during registration was 31st December 2021. However, due to various issues with the project's financer, NCLT proceedings, and delays in obtaining environmental clearances, the project faced significant setbacks. As a result, RDP Realtors filed an extension application (EXT51700015118) under Section 7(3) of the Act seeking an extension until 31st December 2024.

Arguments:

During the hearing, RDP Realtors explained that the project had faced delays beyond their control and presented new evidence to support their request for an extension. They highlighted that they had secured a new partner to meet the financing requirements, and all necessary permissions, including environmental clearance, were in place. RDP Realtors sought an extension until 31st December 2024 to ensure the efficient completion of the project.

Authority's Decision:

Considering the arguments presented by RDP Realtors and the objective of the Real Estate (Regulation and Development) Act, the Authority examined the issue of granting an extension under Section 7(3) of the Act. Although RDP Realtors had not obtained majority consent from the Allottees (homebuyers), the Authority recognized the need to protect the interests of the consumers and promote the efficient completion of the project. Granting the extension would ensure that the project does not come to a halt and that necessary actions for completion can be undertaken by the promoter.

The Authority acknowledged that this was the first extension sought by RDP Realtors and, therefore, granted the extension from 1st July 2023 to 31st December 2024. However, the rights of the Allottees under the Act remained intact. The Authority imposed certain conditions on RDP Realtors to ensure timely completion of the project, including the requirement to complete the remaining construction work and obtain the Occupation Certificate (OC) by 31st December 2024. RDP Realtors were also directed to submit PERT CPM/BAR charts outlining milestones, provide monthly progress reports, and update the project's registration webpage with relevant information.

Conclusion:

In the regulatory case of RDP Realtors and the Shanti Luxuria project, the Maharashtra Real Estate Regulatory Authority carefully examined the extension application and the interests of the Allottees. Recognizing the importance of promoting a transparent and efficient real estate sector while safeguarding consumer interests, the Authority granted the extension until 31st December 2024. The decision ensures that necessary actions can be taken for the completion of the project, benefiting both the promoter and the homebuyers. With the imposed conditions, the Authority aims to maintain transparency and accountability throughout the extended period.

Note: The information provided in this article about Maharashtra Real Estate Regulatory Authority (MahaRERA) is for informational purposes only. It is not intended as legal or professional advice and readers should consult qualified professionals for advice specific to their circumstances. The information provided in this article is based on the REGULATORY CASE NO. 23 OF 2023 before the Maharashtra Real Estate Regulatory Authority

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