Treat Covid-19 as ‘Force Majeure’ under RERA: Finance Ministry
The state and union territories can issue fresh “project Registration Certificates” automatically with revised timelines and extend timelines for various statuary complianes under RERA concurrently.
Ankit SharmaETRealtyUpdated: May 13, 2020, 18:02 IST
NEW DELHI: Nirmala Sitharaman, Minister of Finance of Corporate Affairs on Wednesday announced that Ministry of Housing and Urban Affairs will issue an dvisory to states and urban territories and their regulatory authorities to extend the registration and completion date suo-moto by six months for all registered projects expiring on or after March 25, 2020 without individual applications.
Adverse impact due to Covid-19 and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
The housing ministry will also advise states/union territories and their regulatory authorities to the following effect:
Treat Covid-19 as an event of “Force Majeure” under RERA.
Regulatory authorities may extend this for another period of upto three months, if needed
Issue fresh “project Registration Certificates” automatically with revised timelines
Extend timelines for various statuary complianes under RERA concurrently
These measures will de-stress real estate developers and ensure completion of projects so tha the home buyers are able to get delivery of their booked houses with new timelines, Sitharaman said.
