Extension of Registration and Completion Date of Real Estate Projects under RERA

General
Author: Riya Kapoor

Highlights

Treat COVID-19 as an event of â€˜Force Majeureâ€™ under RERA.
Issue fresh â€˜Project Registration Certificatesâ€™ automatically with revised timelines

Finance Minister Nirmala Sitharaman issued guidelines regarding project registration in 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 homebuyers are able to get delivery of their booked houses with new timelines.