The Planning Board acting as the Board of Adjustment shall render its decision not later than 120 days after the date an appeal is taken from the decision of an administrative office or after the submission of a complete application for development to the Board pursuant to the provisions of N.J.S.A. 40:55D-72b, or within such further time as may be consented to by the applicant. Failure of the Board to render a decision within such period shall constitute a decision favorable to the applicant. In the event the developer submits separate consecutive applications, pursuant to subsection 34-10.8c, the aforesaid time period shall apply to the application for approval of the variance. The period for granting or denying any subsequent approval shall be as otherwise provided in this section. Failure of the Board to render a decision within the prescribed period shall constitute a decision favorable to the applicant.