The Maharashtra Real Estate Regulatory Authority (“Authority”) on December 27, 2022 issued order no. 40/2022 (No. MahaRERA / Secy / File no.27/853/2022) (“Notification”). The Notification lays down new directions which are required to be followed by the promoters of a real estate project who have failed to complete the project within the stipulated timeline and are now seeking an extension of validity of a project registration under section 7(3) of the Real Estate (Regulation and Development) Act, 2016 (“RERA”). The key highlights of the Notification are as follows:
Please find a copy of the Notification and the 2019 Order, here and here, respectively.
This update has been contributed by Nidhi Arya (Partner) and Ayushi Jain (Associate).
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