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The Union government today said it will advise state governments and Union Territories to extend the timelines of RERA projects by six months to provide some relief to the real estate sector.
Finance Minister Nirmala Sitharaman mentioned that the decision has been taken to provide registration as well as completion date extension to the real estate projects under RERA.
The decision was taken due to the horrendous impact of Covid-19 and the lockdown on the real estate projects which stand the risk of violating RERA timelines.
According to India Today, Nirmala Sitharaman said, "Timelines need to be extended. The Ministry of Housing and Urban Affairs will advise states/UTs and their regulatory authorities to treat Covid-19 as an event of 'Force Majeure' (Act of God) under RERA". "Regulatory authorities may extend this for another period of up to three months if needed," she said.
She also said that the authorities are free to issue fresh 'Project Registration Certificates' automatically with revised timelines. The extension of timelines for various statuary compliances under RERA concurrently.
It is believed that these measures will be a relief to real estate developers and ensure completion of projects so that homebuyers can get delivery of their booked houses with new timelines.