In a recent development, the Maharashtra Real Estate Regulatory Authority (MahaRERA) has granted an extension to the Viva Swarangan project, registered under the promoter Viva Homes Private Limited. The case, bearing Regulatory Case No. 20 of 2023, involved the Promoter's application for an extension under Section 7(3) of the Real Estate (Regulation and Development) Act, 2016. This article provides a comprehensive analysis of the case, highlighting the facts, legal provisions, and the Authority's decision.
The Viva Swarangan project, consisting of four wings named Rishabh, Shadaj, Gandhar, and Madhyam, faced a setback when the Palghar Planning Authority reserved a garden on the plot initially designated for construction. After due procedure, the Promoter managed to restore the original status of the land and obtained a revised Commencement Certificate (CC) in 2022.
Extension Application and Legal Framework:
Under Section 7(3) of the Real Estate (Regulation and Development) Act, the Authority has the power to permit a project's registration to remain in force by imposing further terms and conditions, instead of revoking it. In this case, the Promoter sought an extension until December 30, 2023, without obtaining the majority consents of the Allottees (homebuyers). However, considering the objective of the Act to promote the real estate sector transparently and protect consumers' interests, the Authority recognized the need for extension to ensure completion of the project.
Authority's Decision and Conditions:
The Authority, taking into account the balance of convenience and the potential harm to consumers if the registration was not extended, granted the extension from December 31, 2022, to December 30, 2023. This extension, being the first granted under Section 7(3), aims to avoid project disruption and safeguard the interests of the Allottees. Importantly, the extension does not compromise the rights of the Allottees under the Act. The Promoter is directed to complete the remaining construction work and obtain the Occupation Certificate (OC) by the deadline, with cooperation from the Allottees.
The Maharashtra Real Estate Regulatory Authority's decision in the Viva Swarangan case exemplifies its commitment to promoting transparency and protecting the interests of homebuyers. By granting the extension under Section 7(3) of the Act, the Authority ensures that the project can proceed without interruption, benefiting both the Promoter and the Allottees. The specified conditions emphasize timely completion and uphold the rights of the Allottees throughout the process.
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. 20 OF 2023 before the Maharashtra Real Estate Regulatory Authority
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