Maharashtra RERA Case: Tycoons Avanti Projects LLP - Rectification and Extension Order

In a recent regulatory case before the Maharashtra Real Estate Regulatory Authority (MahaRERA), Tycoons Avanti Projects LLP sought an extension for their project named "Tycoons Square Avenue III Tower C." The case, numbered 18 of 2023, involved the rectification of a typographical error in the final order issued on May 18, 2023. Chairperson Ajoy Mehta presided over the virtual hearing held through video conference, and Advocate Harshad Bhadbade represented the Promoter. This article provides a comprehensive overview of the case and its final order, highlighting the key points and implications.

Case Details:

Promoter: Tycoons Avanti Projects LLP

Project Name: Tycoons Square Avenue III Tower C

MahaRERA Project Registration No.: P51700004049

Extension Application No.: EXT51700013581

Final Order:

The final order dated May 18, 2023, pertained to the extension application filed by Tycoons Avanti Projects LLP. The Promoter sought an extension under Section 7(3) of the Real Estate (Regulation and Development) Act, 2016. The Authority noted that the Promoter had previously obtained three extensions due to the impact of the Covid-19 pandemic.

Key Observations:

The project, Tycoons Square Avenue III Tower C, is a MHADA redevelopment project consisting of a single building.

The project is substantially completed, but the delay in its finalization is attributed to MHADA, as obtaining permissions and vacating existing residents took time.

The Promoter failed to obtain majority consents from the Allottees of the project for the extension application.

Analysis and Decision:

The Authority deliberated on the extension application under Section 7(3) of the Act. While the Promoter did not secure majority consent from the Allottees, the Authority recognized that the Act aimed to promote the real estate sector transparently and protect the interests of consumers. Refusing the extension would halt the project's progress and negatively impact the consumers.

The Authority, therefore, exercised its discretion under Section 7(3) and decided to grant the extension. The registration of the project was extended from February 1, 2023, to June 30, 2025, with certain conditions. These conditions include the completion of the remaining construction work and obtaining the Occupation Certificate (OC) by the specified deadline. The Promoter was directed to submit a PERT CPM/BAR chart outlining milestones and share it with Allottees and the landowner. Monthly progress reports were also mandated to track the project's development.

Conclusion:

In the case of Tycoons Avanti Projects LLP seeking an extension for the Tycoons Square Avenue III Tower C project, the Maharashtra Real Estate Regulatory Authority granted the extension, recognizing the aim of promoting the real estate sector while safeguarding consumer interests. By allowing the project to continue, albeit with conditions, the Authority ensures that completion is achieved efficiently, minimizing the impact on the Allottees. The rectification order corrected a typographical error in the final order, ensuring accuracy in the proceedings.

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. 18 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.