MahaRERA instructs builders to set realistic deadlines
Developers pushing ahead dates to hand over apartments would find themselves in hot water from now, with state regulator Maharashtra Real Estate Regulatory Authority (MahaRERA) ruling that the possession date of an ongoing project should be corresponding to the pending work.
This simply means that developers cannot set their hand over date as per their whims and fancy, but will have to adhere to realistic deadline.
According to the Real Estate (Regulation and Development) Act, which came into effect in the state on May 1, 2017, developers have to specify the possession date, delay in which would invite penal action. This is one of the reasons why developers tend to push ahead deadlines.