RERA Act
Img : investors-clinic

The MPRERA [Madhya Pradesh Real Estate Regulatory Act] gave relief to more than a dozen of realtors in Indore and Bhopal as they sought deadline extension after they failed to complete the projects at the time of registration with MPRERA.

The promoters proposed deadlines at the time of registration and they have to ask for an extension from the RERA authority as they fail to perform as promised. The project gets listed under the illegal category if the promoter fails to receive deadline extension from the RERA authority.

Anthony De Sa, MPRERA chairman said that more than a dozen projects asked for a deadline extension. The same is granted and thus these projects got saved from getting listed as the illegal projects.

The deadline extension is allocated after the promoter deposit a certain fee and the project continues to be under regular monitoring.

The MPRERA Chairman also said the extensions are sanctioned with the compulsion that the same will not affect the right of an allottee and will receive compensation for the delay.

As per the RERA, the deadline extensions can be offered for a maximum period of one year in a phased manner. However, the extension can be for over a year following the circumstances considering the interest of allottees.

In a recently held hearing in Indore, the city-based commercial project that is estimated to cost approximately Rs. 13 crore received an extension of three months over a year.

The MPRERA came into existence in May 2017 and people can file their complaints online by visiting www.rera.mp.gov.in.