MahaRERA Reserves Order on Marvel Sigma Homes' Extension Application for Marvel Basilo A & B Building Project
Marvel Sigma Homes' request for an extension on their building project Marvel Basilo A & B is on hold as MahaRERA reserves order. Read more for details. #MahaRERA #MarvelSigmaHomes #MarvelBasiloAB #RealEstateNews
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has reserved its order on the extension application submitted by Marvel Sigma Homes for their Marvel Basilo A & B Building Project in Pune. The project was supposed to be completed by December 2021 but due to the pandemic and subsequent lockdowns, the construction was delayed.
The developer had applied for an extension of the completion deadline until June 2022. The application was submitted under section 6 of the Real Estate (Regulation and Development) Act, 2016 (RERA). The section allows developers to apply for an extension of the project completion deadline if there are any unforeseen circumstances that are beyond their control.
The MahaRERA authorities conducted a hearing on the matter on April 19, 2023, and reserved their order. The hearing was attended by representatives of both the developer and the homebuyers.
Marvel Sigma Homes had assured the homebuyers that the delay in construction was due to unforeseen circumstances and that they were committed to completing the project as soon as possible. However, the homebuyers were not satisfied with the developer's explanation and demanded compensation for the delay.
The Marvel Basilo A & B Building Project is a premium residential project located in the upmarket area of Kalyani Nagar in Pune. The project comprises two towers - A and B - with a total of 135 luxury apartments. The project was launched in 2017 and was supposed to be completed by December 2021.
The project has faced several hurdles during its construction, including labour shortages, material shortages, and the COVID-19 pandemic. The delays in construction have caused frustration and anxiety among the homebuyers who have invested their hard-earned money in the project.
MahaRERA has been established to regulate and promote transparency in the real estate sector in Maharashtra. The authority was established under the Real Estate (Regulation and Development) Act, 2016, which came into effect on May 1, 2017. The aim of the Act is to protect the interests of homebuyers and promote transparency and accountability in the real estate sector.
The Act has several provisions that ensure that the developer does not exploit the homebuyer. One of the provisions is that the developer cannot change the project's layout or specifications without the homebuyers' consent. The Act also ensures that the developer provides timely possession of the property to the homebuyers.
The delay in the Marvel Basilo A & B Building Project's construction has caused anxiety and uncertainty among the homebuyers. Many homebuyers have invested their life savings in the project and are now facing financial difficulties due to the delay.
The MahaRERA authorities are expected to give their decision on the extension application soon. The decision will have far-reaching implications for the homebuyers and the developer. If the extension is granted, the developer will have more time to complete the project. However, if the extension is denied, the developer will have to pay compensation to the homebuyers for the delay.
The Marvel Basilo A & B Building Project's delay has caused anxiety and uncertainty among the homebuyers who have invested their hard-earned money in the project. The MahaRERA authorities have reserved their order on the extension application submitted by the developer. The decision will have far-reaching implications for the homebuyers and the developer. The MahaRERA authorities' decision will be crucial in ensuring that the interests of the homebuyers are protected, and justice is done.
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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