RERAs can accord 6-month extension for completion, execution of projects

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Published: May 14, 2020 8:40:59 AM

Sitharaman said COVID-19 be treated as a force majeure event by regulatory authorities in case of real estate, and therefore to that extent authorities can be flexible about the execution of the contract signed.

RERA, nirmala sitharaman,covid 19 crisis, urban development, real estate industry, real estateThe urban development industry shall issue advisory to the states and to the UTs in this regard.

Finance minister Nirmala Sitharaman said on Wednesday that real estate regulatory authorities (RERA) of different states and the Union Territories can give suo motu extension of six months for execution and completion of realty projects, registered on or after March 25, 2020.

Sitharaman said COVID-19 be treated as a force majeure event by regulatory authorities in case of real estate, and therefore to that extent authorities can be flexible about the execution of the contract signed. The urban development industry shall issue advisory to the states and to the UTs in this regard.

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“This way the people who had got into the contract and got fixed because of the corona virus will not suffer. These measures we think will de-stress developers and real estate industry which is already in difficulty, and will benefit with new timelines.”

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