After the implementation of the Real Estate (Regulation and Development) Act (RERA) across the country, it has been noticed that several developers are extending their delivery deadlines by several months, and even a few years in some cases, while applying for registration with the regulatory authority.
RERA requires developers to declare the delivery dates of their ongoing projects while registering with the respective regulators. Any further delay of the submitted deadlines would lead to penalties.
Several homebuyers in Maharashtra have complained that their builders had promised to deliver houses by 2018, but during RERA registration, the date of possession have been pushed to 2022.
Experts have shared that builders have intentionally extended the project deadlines to maintain a buffer in case the project gets delayed for any reason.
According to a recent report by Knight Frank, about 57 percent of residential units registered with MahaRERA have extended their timelines by over a year, while close to 30 percent have extended their project deadlines by over two years.