The Maharashtra Real Estate Regulatory Authority (MahaRERA) recently approved an extension application filed by Ashapura Housing Private Limited for their project "A and O Eminente." This article provides a comprehensive overview of the case, Regulatory Case No. 17 of 2023, which was presided over by Shri Ajoy Mehta, the Chairperson of MahaRERA. We will delve into the details of the case, the extension approval, and the rationale behind it.
Ashapura Housing Private Limited, serving as the promoter and developer of the A and O Eminente project, registered the project with MahaRERA under the registration number P51800005475. The project, classified as a slum rehabilitation project, consists of five wings: A to E. Wings A, B, and C have been completed, awaiting the issuance of an Occupation Certificate (OC). However, wings D and E are awaiting the grant of a commencement certificate. With the exception of 22 commercial premises, the rehabilitation portion of the project has been successfully completed.
On March 18, 2023, Ashapura Housing Private Limited submitted an extension application (No. EXT51800015080) to MahaRERA, seeking an extension for the A and O Eminente project. The application was heard on May 16, 2023. The primary point of contention in the case was the Promoter's inability to obtain majority consent from the Allottees (buyers) of the project, as required by Section 7(3) of the Real Estate (Regulation and Development) Act, 2016.
After careful consideration, Chairperson Ajoy Mehta recognized the significance of safeguarding consumer interests and ensuring the efficient completion of the project. Revoking the project's registration without granting an extension would impede progress and adversely affect homebuyers. Therefore, in the best interest of all stakeholders, MahaRERA decided to grant the extension requested by Ashapura Housing Private Limited.
The extension was granted from December 31, 2022, to December 31, 2026, with specific conditions aimed at preserving the rights of the Allottees. The Promoter is obligated to complete the remaining construction work and obtain the Occupation Certificate within the revised timeframe. It is expected that the Allottees will cooperate with the Promoter throughout this process. Additionally, the Promoter must submit PERT CPM/BAR charts outlining the project milestones and provide monthly progress reports to MahaRERA, the Association of Allottees (if established), and the Allottees themselves. Furthermore, the Promoter is responsible for regularly updating the project's registration webpage with relevant progress updates.
In the case of Ashapura Housing's A and O Eminente project, the Maharashtra Real Estate Regulatory Authority has granted the Promoter's extension application under Section 7(3) of the Real Estate (Regulation and Development) Act, 2016. The decision was made to protect the interests of the homebuyers and ensure the timely completion of the project. The Promoter is now required to fulfill the specified conditions, including finalizing the construction and obtaining the Occupation Certificate within the given timeframe. This extension will enable the project to progress smoothly while upholding the rights of the Allottees.
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. 17 OF 2023 before the Maharashtra Real Estate Regulatory Authority
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