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Wednesday, 4 November 2020

Relief for realtors amid Covid

Kuldip Bhatia

Ludhiana, November 3

In a major relief to the crisis-ridden real estate sector amid the pandemic, the Real Estate Regulatory Authority (RERA) has granted additional time to promoters of registered projects for completion, extension in validity period of registration and other statutory compliances.

In a circular dated October 28, the RERA chairperson stated that after considering all aspects of the current situation, it had been seen that Covid-19 had affected the real estate sector adversely. Further, CREDAI (Confederation of Real Estate Developers Associations of India), Punjab, and other developers had sought steps to mitigate their problems.

'Sector hit adversely'

  • The RERA chairperson said after considering all aspects of the current situation, it had been found that Covid had affected the real estate sector adversely
  • The Confederation of Real Estate Developers' Associations of India, Punjab, and other developers had sought steps to mitigate their woes

"Therefore, it has been decided that the period of validity for completion of all registered projects where completion date or revised completion date is on or after March 15, 2020, shall be automatically extended by six months from the original date. This extension will be allowed without payment of extension fee," RERA stated.

Further, RERA has granted extension of six months in validity of registration to all such projects whose registration had lapsed prior to March 15, 2020, and where applications for extension were under consideration. This extension will be in addition to the extension period that would normally be granted on processing the application.

According to the RERA chairperson, the time limit for all statutory compliances with regard to real estate projects and real estate agents in accordance with the Real Estate (Regulation and Development) Act, 2016, and the rules made thereunder, which had become due between March 15 and September 15, 2020, has also been extended by six months from the original date.



from The Tribune https://ift.tt/3jRugKx

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