In a recent development, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted an extension to Shree Siddhivinayak Infrastructure & Realty for their project, Ruparel Skygreens I. The Promoter had filed an extension application seeking additional time to complete the project, which has been registered under MahaRERA with Registration No. P51800012513. This article provides an in-depth analysis of the case, highlighting the key details and the Authority's decision.
Regulatory Case No.: 13 of 2023
Promoter Name: Shree Siddhivinayak Infrastructure & Realty
Project Name: Ruparel Skygreens I
MahaRERA Project Registration No.: P51800012513
The Promoter, Shree Siddhivinayak Infrastructure & Realty, is defined as the developer under the Real Estate (Regulation and Development) Act, 2016 (RERA). They had registered the Ruparel Skygreens I project with MahaRERA, specifying the completion date as 31st December 2021. Due to the Covid-19 pandemic, MahaRERA had previously granted three extensions to all registered projects, extending the completion date until 30th December 2022.
Shree Siddhivinayak Infrastructure & Realty filed an extension application (No. EXT51800013790) on 4th February 2023, seeking a further extension under Section 7(3) of the RERA Act. The application was heard by MahaRERA on 16th May 2023. The Promoter informed the Authority that Ruparel Skygreens I is a Slum Rehabilitation Authority (SRA) project involving the rehabilitation of approximately 700 individuals. They had already completed the rehabilitation of around 500 dwellers. The project faced litigation that reached the Supreme Court but has now been settled. The Promoter requested an extension until 30th December 2025.
The Authority considered the application and the objectives of the RERA Act, which aim to regulate and promote the real estate sector while protecting the interests of consumers. Although the Promoter did not obtain the majority consents of the Allottees, the Authority recognized the importance of allowing the registration to remain in force to avoid halting the project's progress. Granting the extension would ensure the Promoter can efficiently complete the project while safeguarding the interests of homebuyers.
Extension Granted with Conditions:
The MahaRERA Chairperson, Shri Ajoy Mehta, granted the extension for the Ruparel Skygreens I project from 31st December 2022 to 30th December 2025. However, certain conditions were imposed to ensure timely completion and transparency:
Completion and Occupation Certificate: The Promoter is required to complete the remaining construction work and obtain the Occupation Certificate (OC) by 30th December 2025. The rights of the Allottees under the RERA Act will remain unaffected.
Milestones and Progress Reports: The Promoter must submit PERT CPM/BAR charts within 15 days of the order, outlining the milestones for project completion. Monthly progress reports, highlighting achieved milestones and any delays, should be submitted to MahaRERA, the Association of Allottees (if formed), and the Allottees themselves.
Regular Updates: Upon receiving the OC, the Promoter must inform MahaRERA and provide periodic updates on the project's registration webpage.
The decision by the Maharashtra Real Estate Regulatory Authority to grant an extension to Shree Siddhivinayak Infrastructure & Realty for their Ruparel Skygreens I project reflects the Authority's commitment to balancing the interests of both developers and homebuyers. By allowing the registration to remain in force with conditions, the Authority ensures the project's progress while protecting the rights of consumers. The imposed conditions will help monitor and track the completion of the project in a transparent manner, promoting efficiency and accountability within the real estate 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. The information provided in this article is based on the REGULATORY CASE NO. 13 OF 2023 before the Maharashtra Real Estate Regulatory Authority
We hope you found our blog insightful and engaging! We appreciate your time and interest. If you enjoyed reading it, don't forget to subscribe to our newsletter to receive regular updates on our latest content. Visit our website www.reunionhq.in to know more.
Explore the list of new RERA approved projects in Maharashtra.