Upon the submission of a complete application for a development permit, the approving authority shall grant or deny approval within 45 days of the date of such submission or within such further time as may be consented to by the applicant. If, however, the application for a development permit is part of a larger application for development, the approving authority shall grant or deny approval within such time as is provided for such applications pursuant to the Municipal Land Use Law (N.J.S.A. 40:55D-1 et seq.) or within such further time as may be consented to by the applicant.

Failure of the approving authority to reach a decision within the specified time period, or extensions thereof, shall result in the approval of the application as submitted.