Over a dozen real estate projects led by Indore and Bhopal have sought extension from MP Real Estate Regulatory Authority (RERA) after they failed to complete project as per proposed deadline at the time of registration.
At the time of registration of project under RERA, promoters have to propose deadline for completing the project and if deadline is breached, promoter has to take extension from the authority or else the project will fall in illegal category.
RERA chairman Anthony De Sa said, “There are over a dozen projects that have asked for extension. Extensions are being granted so that they do not become illegal projects. In case of illegal the project will be of no use to the allottee and the builder.”
The authority is giving extensions after promoter pays a certain fee and project remains under regular monitoring. De sa said extensions are given with mandatory condition that it does not any way affect right of allotee and they get compensation for delay.
According to Rera, extensions can be given for a maximum one year in phased manner while under certain circumstances considering interest of allottees, extensions can be above a year.
Recently at a hearing in Indore, an Indore based commercial project costing around Rs 13 crore has been granted an extension of 3 months over an year.