Relief to Real Estate Projects under RERA
Relief to Real Estate Projects the registration and completion date for all registered projects will be extended up to six months
State Governments are being advised to invoke the Force Majeure clause under RERA. The registration and completion date for all registered projects will be extended up to 6 months and may be further extended by another 3 months based on the State’s situation. Various statutory compliances under RERA will also be extended concurrently.
Extension of Registration and Completion Date of Real Estate Projects under RERA
• Adverse impact due to COVID and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
• Ministry of Housing and Urban Affairs will advise States/UTs and their Regulatory Authorities to the following effect:
• Treat COVID-19 as an event of ‘Force Majeure’ under RERA.
• Extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
• Regulatory Authorities may extend this for another period of upto 3 months, if needed
• Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
• Extend timelines for various statuary compliances under RERA concurrently.
• These measures will de-stress real estate developers and ensure completion of projects so that home buyers are able to get delivery of their booked houses with new timelines.