MahaRERA Grants 4-Year Reprieve to RSM Homes to Complete Unimont Coral Project
Maharashtra Real Estate Regulatory Authority (RERA) grants a 4-year extension to RSM Homes LLP Ltd to complete their stalled project Unimont Coral
ReraReal EstateMaharashtraUnimont CoralRsm HomesReal EstateJun 22, 2024
The project, initially set to be completed by December 31, 2021, had received three extensions earlier due to the COVID-19 pandemic. The latest extension will enable the builder to complete the project by December 31, 2027.
The builder had filed an application for extension on March 30, 2024, citing delays due to the Coastal Regulation Zone (CRZ) issue, which caused a delay in obtaining the occupancy certificate from the City and Industrial Development Corporation of Maharashtra (CIDCO). The builder contended that the project is complete and has approached the Bombay High Court for redressal of the issue.
The RERA authority observed that the legislative intent of RERA is to promote the real estate sector in an efficient and transparent manner and to protect the interests of homebuyers. Therefore, an extension was granted to ensure that the completion of the project is not interrupted.
The authority referred to Section 7(3) of the RERA Act 2016, which empowers the authority to extend the project duration with specified terms and conditions if it is deemed to benefit the homebuyers. In this case, the authority extended the project completion date from December 31, 2023, to December 31, 2027.
Information
RSM Homes LLP Ltd is a leading real estate developer in Maharashtra, known for its quality constructions and timely deliveries.
Maharashtra Real Estate Regulatory Authority (RERA) is a regulatory body established under the Real Estate (Regulation and Development) Act, 2016, to regulate and promote the real estate sector in Maharashtra.
Frequently Asked Questions
What is the project name that RERA granted a 4-year extension to?
Unimont Coral
Who is the developer of Unimont Coral?
RSM Homes LLP Ltd
What is the reason for the delay in the project?
Coastal Regulation Zone (CRZ) issue
What is the duration of the extension granted by RERA?
4 years
What is the new completion date of the project?
December 31, 2027
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