Poonam Heights, a residential project located in Mumbai, is facing further delays as the promoter seeks an extension until 2024. The project was initially scheduled to be completed in 2019 but has faced several setbacks, including a shortage of labor and funding issues.
Poonam Heights is a premium residential project developed by the Poonam Developers. The project is located in the suburban area of Mumbai, in the vicinity of Andheri East, which is a prime location. The project is spread across 4 acres of land and consists of four towers, each with 22 floors. The project was launched in 2013 with an estimated completion date of 2019.
Reasons for Delay
The project has faced several delays due to a shortage of labor and funding issues. The real estate sector in India has been struggling due to the economic slowdown and liquidity crisis. Many developers are facing a shortage of funds, which has led to delays in construction projects.
Moreover, the COVID-19 pandemic has further worsened the situation. The lockdown and restrictions imposed by the government have led to a shortage of labor, material, and other resources required for construction.
Promoter seeks extension
The promoter of Poonam Heights, Poonam Developers, has now sought an extension until 2024 to complete the project. The promoter has cited the shortage of labor and funds as the main reasons for the delay. The company has also stated that the COVID-19 pandemic has affected the construction activities, and it is not possible to complete the project as per the initial schedule.
The developer has approached the Maharashtra Real Estate Regulatory Authority (MahaRERA) seeking an extension of the completion date. The MahaRERA is a regulatory body that governs the real estate sector in Maharashtra and ensures timely completion of projects.
Impact on Homebuyers
The delay in the completion of the project has left homebuyers in a lurch. Many homebuyers had invested their hard-earned money in the project with the expectation of getting possession of their flats in 2019. However, the delay has caused a lot of inconvenience to them.
Homebuyers are now worried about the further delay in the project and the impact it will have on their investments. Many of them are paying EMIs for their home loans and rent simultaneously, which is causing a financial strain.
The Poonam Heights project, developed by Poonam Developers, is facing further delays as the promoter seeks an extension until 2024. The project has faced several setbacks, including a shortage of labor and funding issues. The COVID-19 pandemic has further worsened the situation, leading to a delay in the completion of the project.
The delay has caused a lot of inconvenience to homebuyers, who are worried about the impact it will have on their investments. The promoter has approached MahaRERA seeking an extension of the completion date. It remains to be seen whether the authority will grant the extension or not.
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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