The Board of Adjustment shall render its decision not later than 120 days after the date (a) an appeal is taken from the decision of the administrative official, or (b) the submission of complete application for development to the Board pursuant to the provisions of N.J.S. 40:55D-70(b).

Failure of the Board to render a decision within such 120-day period or within such further time as may be consented to by the applicant shall constitute a decision favorable to the applicant.

In the Pinelands Area (Lakehurst), notwithstanding the provisions of this section, approvals granted as a result of the approving authority’s failure to act within the prescribed time period shall not become effective until the requirements of subsection 25-4.7 paragraphs d.3 and e are met.