Real estate projects gets six months more time to complete

The Centre on Wednesday said it will advise the states and union territories to gave six months more time to real estate projects registered under RERA for completion, which had a deadline to complete the project on March 25 or later.

Finance Minister Nirmala Sitharaman announced this considering possible delay in the return of migrant workers who have headed or are heading home.

The Ministry of Housing and Urban Affairs will advise states/UTs and their regulatory authorities to treat Covid-19 as an event of 'Force Majeure' (Act of God) under RERA, (Real Estate Regulatory Authority). An extension has been given to the registration and completion date suo-moto by 6 months for all registered projects expiring on or after March 25, 2020, without
individual applications.

Regulatory Authorities may extend this for another period of upto 3 months if needed, she said.

The Minister said the authorities are free to issue fresh 'Project Registration Certificates' automatically with revised timelines. They can also extend timelines for various statuary compliances under RERA concurrently, she said.

"These measures will de-stress real estate developers and ensure completion of projects so that homebuyers are able to get delivery of their booked houses with new timelines," the government said.