Government’s advisory: RERA registered projects to be provided six months extension for completion    

Sighting the adverse situation created by the COVID-19 pandemic, the central government has come up with an advisory for all states and union territories as well as their real estate regulatory authorities with aim to relieve the stakeholders of real estate sector, including the homebuyers. It has advised to treat the pandemic as force majeure and extend the registration and completion date of those RERA registered projects for a period of six months, completion date of which expired on or after March 25.

In its advisory it has also made provision for further extension of this deadline to three more months if situation so demands, however, the reasons for this should be documented in writing. Even the government has also extended the statutory compliance timelines under RERA.

Moreover, under Atma Nirbhar Bharat Abhiyan it has also extended a series of incentives and reliefs to the realty sector which include Rs 45000 crore for NBFCs and HFCs as partial credit guarantee scheme, Rs 10000 croe special refinancing facility at RBI’s policy repo rate to National Housing Bank in order to support housing finance companies, special liquidity scheme of Rs 30000 for microfinance institutions and it has also advises to extend credit linked subsidy scheme under Pradhan Mantri Awas Yojana- urban up to March 31, 2021, besides a scheme for affordable rental housing for migrant labours as well as the urban poor.