The Central Government has extended the Registration and Completion Date of Real Estate Projects under RERA.
The Central Government directed to 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 up to 3 months if needed
- Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
- Extend timelines for various statuary compliances under RERA concurrently.
The Finance Minister Nirmala Sitharaman also said that 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.