The Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued a new circular, giving a three-month extension to developers for the submission of Form 5. The said deadline has been extended to December 31 from the earlier September 30. Form 5 is an annual report of statements of accounts of a project made by the chartered accountant (CA) of the developer as per Regulation 4 of Maharashtra Real Estate Regulatory Authority (General) Regulations, 2017. The developer is required to submit this form every year to MahaRERA.
The MahaRERA’s new circular reads, “Whereas in view of second wave of the Covid-19 pandemic and consequent lockdowns, MahaRERA had issued an order granting an extension of a period of six months from April 15, 2021 to October 14, 2021 for all statutory compliances under section 11 of the Act. Now in the exercise of the powers under section 37 read with section 34(a), 34(f) and 34(g) MahaRERA issued further directions.”
Anand Gupta, chairman of RERA committee of Builders Association of India (BAI) has welcomed the decision. He said, “The circular has been issued at the right time. As the accounts filling has already been given an extention so subsequently the submission also needs time. Otherwise the developers would have to finish the accounts filing work in a hurry considering the submission deadline.”
Ramesh Prabhu, the chairman of the Maharashtra Societies Welfare Association, said, “It is a compliance part; submitting records to the government. Therefore, MahaRERA accepted the request of stakeholders. Also, this won't affect homebuyers in anyway.”