Extension of Real Estate project completion deadlines by RERA
The halt in the construction activities due to coronavirus outbreak has a major setback on India Realty. The lockdown and movement of workers to their homes back in villages are affected the construction activities. In view of the current scenario, RERA has relaxed the project completion deadlines.
The authorities mentioned that project registration certificates will be issued as per the revised timelines for such projects at the earliest. Moreover, the RERA authorities said that they have extended the timelines of all statutory compliances in accordance with the Real Estate (Regulation and Development) Act 2016, which was due in March, April and May to June 30.
Controlling the damage from COVID-19
Due to the lockdowns, the transportation of construction material has been disrupted and labour force has migrated back to their home states. In order to assist government efforts to overcome on-going unpleasant circumstances, real estate projects have been stopped working for a certain period of time. Also, to ensure that the completion of RERA registered projects does not get adversely affected. The real estate sector has welcomed the order.
Benefit to builders and developers
According to a well-known developer, the announcement has benefitted to builders in a way that they now have much required extra time for completion and delivery of the project. He also said that these announcements take care of immediate timeframes and deadlines. The real estate industry hopes that any further delays as a result of the pandemic will be taken into account, and similar action will be initiated by RERA.
Looking at the scenario, it can be said that the deferment of the deadline by the RERA is a good decision. The government has given some respite to the residential real estate sector. This is an impact of lockdown. Such steps taken by the government will help reduce the severity of the lockdown in the short term and hope that this crisis will be over soon.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. Propertypistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
