Maharashtra RERA grants extension to Ekta Tripolis Phase I project

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted an extension of six months to the Ekta Tripolis Phase I project. This decision comes after the developers filed for an extension due to delays caused by the COVID-19 pandemic.

Background of the Ekta Tripolis Phase I project

Ekta World is the developer behind the Ekta Tripolis Phase I project, which is located in the western suburb of Goregaon, Mumbai. The project was launched in 2013 and is spread over an area of 2.7 acres. It consists of three towers, each with 36 floors, and a total of 416 units. The project was scheduled to be completed by December 2020, but the COVID-19 pandemic led to significant delays in construction.

Extension granted by Maharashtra RERA

The Maharashtra RERA granted the extension to the Ekta Tripolis Phase I project under Section 6 of the Real Estate (Regulation and Development) Act, 2016. This section allows developers to seek an extension of up to six months for the completion of a project if they can show that the delay was due to reasons beyond their control.

According to reports, the developers cited the COVID-19 pandemic and the subsequent lockdown as the reasons for the delay. They also stated that the shortage of labor and disruption of the supply chain led to significant delays in the construction of the project.

Implications for homebuyers

The extension granted by the Maharashtra RERA is good news for homebuyers who have invested in the Ekta Tripolis Phase I project. With the extension, the developers have more time to complete the project and deliver possession to buyers.

However, homebuyers may still be concerned about the delay and the impact it will have on their investment. They may also be worried about the quality of construction and whether there will be any further delays in the future.

Impact on the real estate sector

The COVID-19 pandemic has had a significant impact on the real estate sector in India. The lockdown and subsequent restrictions led to a slowdown in construction and a decline in demand for property. Developers across the country have been facing significant challenges in completing their projects on time.

The extension granted by the Maharashtra RERA to the Ekta Tripolis Phase I project is an indication that the authorities are willing to support developers who have been affected by the pandemic. It is also a signal to the real estate sector that the government is aware of the challenges faced by developers and is taking steps to mitigate the impact of the pandemic on the sector.

Conclusion

The extension granted by the Maharashtra RERA to the Ekta Tripolis Phase I project is a positive development for both the developers and homebuyers. The decision shows that the authorities are willing to support developers who have been affected by the COVID-19 pandemic. The extension also gives the developers more time to complete the project and deliver possession to buyers. However, homebuyers may still be concerned about the delay and the impact it will have on their investment. The real estate sector in India has been facing significant challenges due to the pandemic, and the extension granted by the Maharashtra RERA is a signal that the government is taking steps to mitigate the impact of the pandemic on the sector.

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.

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