Understanding the Extension Application filed by Marvel Realtors & Developers Ltd.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016. It aims to promote transparency, accountability, and efficiency in the real estate sector in the state of Maharashtra, India. MahaRERA is responsible for regulating real estate projects and ensuring that promoters/developers comply with the provisions of the Act. In this article, we will discuss a Suo-Motu case filed before MahaRERA, bearing case no. 290 of 2022, involving Marvel Realtors & Developers Ltd., a prominent real estate developer in Mumbai, and their extension application for their project named "Marvel Aquanas."

Background:

Marvel Realtors & Developers Ltd. is a well-known real estate developer in Mumbai, and they are the promoter/developer of the project "Marvel Aquanas." The project is registered with MahaRERA under registration number P52100001521. Marvel Realtors & Developers Ltd. had filed an extension application, numbered EXT52100012903, before MahaRERA on 19.11.2022, seeking an extension of the completion date of the project under section 7(3) of the Real Estate (Regulation and Development) Act, 2016.

The case was heard by MahaRERA on 08.12.2022, and various parties were present, including the representatives of the society named "Marvel Aquanas CHSL," the Secretary of the Society, and the advocate representing Marvel Realtors & Developers Ltd. During the hearing, the society members expressed their concerns about the series of extensions granted to the project in the past and the lack of adherence to the completion dates.

They also mentioned their grievances regarding potential discrimination in completion of work among allottees who have given consents and those who have not. Marvel Realtors & Developers Ltd., on the other hand, stated that they have the consent of nearly 61% of the allottees and that they are making efforts to complete the project by the fresh date being sought.

MahaRERA reserved the matter for order, and the extension application filed by Marvel Realtors & Developers Ltd. is currently under consideration.

Analysis:

The extension application filed by Marvel Realtors & Developers Ltd. raises several important points that need to be examined in the light of the provisions of the Real Estate (Regulation and Development) Act, 2016. Let's analyze the key aspects of the case:

Extension Application under Section 7(3) of RERA:

Marvel Realtors & Developers Ltd. filed an extension application under section 7(3) of the Real Estate (Regulation and Development) Act, 2016. This section allows the promoter/developer to apply for an extension of the registration of the project in case of a force majeure event or any other circumstances beyond their control. The promoter/developer needs to provide sufficient reasons and supporting documents to justify the need for an extension. In this case, Marvel Realtors & Developers Ltd. submitted consents from around 61% of the allottees as evidence of their request for an extension.

Society's Objections:

The society members of Marvel Aquanas CHSL raised objections to the grant of extension to the promoter/developer. They expressed concerns about the series of extensions granted in the past and the lack of adherence to the completion dates. They also highlighted the potential discrimination in completion of work among allottees who have given consents and those who have not, and the lack of access to the site and information about the progress of the project.

Promoter's Commitments:

Marvel Realtors & Developers Ltd, during the hearing, stated that they have obtained consent from nearly 61% of the allottees for the extension and that they are making efforts to complete the project by the fresh date being sought. However, it is important to note that as per the provisions of the Real Estate (Regulation and Development) Act, 2016, the promoter/developer has an obligation to complete the project within the timeline provided at the time of registration and any extension granted by the regulatory authority should be justified based on valid reasons and supporting documents.

Compliance with RERA provisions:

As a regulatory body, MahaRERA has the responsibility to ensure compliance with the provisions of the Real Estate (Regulation and Development) Act, 2016. The Act aims to protect the interests of homebuyers and promote transparency and accountability in the real estate sector. The Act provides for strict timelines for completion of projects, mandatory registration of projects and promoters, and disclosure of project-related information to the allottees. Any extension granted by MahaRERA should be in line with the provisions of the Act and should be based on valid reasons and evidence provided by the promoter/developer.

Allottee's Concerns:

The concerns raised by the society members of Marvel Aquanas CHSL regarding the series of extensions granted in the past, lack of adherence to completion dates, and potential discrimination among allottees who have given consents and those who have not, are valid concerns that need to be addressed. The allottees have the right to expect timely completion of the project as per the commitments made by the promoter/developer at the time of registration. MahaRERA should ensure that the interests of the allottees are protected and that the promoter/developer complies with the provisions of the Act.

The extension application filed by Marvel Realtors & Developers Ltd. before MahaRERA for their project "Marvel Aquanas" raises important points that need to be thoroughly examined in the light of the provisions of the Real Estate (Regulation and Development) Act, 2016. The concerns raised by the society members regarding the past extensions, adherence to completion dates, and potential discrimination among allottees need to be addressed by MahaRERA in its decision. It is crucial that the regulatory authority ensures that the promoter/developer complies with the provisions of the Act and protects the interests of the homebuyers. The final decision of MahaRERA on the extension application filed by Marvel Realtors & Developers Ltd. will have implications for the real estate sector and will be eagerly awaited by all stakeholders involved.

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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