Extension of registration and completion date of projects under RERA will ‘de-stress’ realty firms
Calling it a much-needed relief for the real estate sector, the industry experts said that the extension of registration and completion date of projects under RERA would de-stress developers as the construction activity has come to a standstill.
“To treat Covid-19 as an event of ‘Force Majeure’ under RERA will provide major relief to real estate developers whose projects have been stuck due to lack of liquidity and cash flow stoppages,” said Ravindra Sudhalkar, CEO, Reliance Home Finance.
You might also be interested to read: MSME Stimulus Paves Way For More Credit Flow
In a bid to destress real estate developers and ensure completion of projects, the government on Wednesday announced the extension of registration and completion date of real estate projects under RERA suo-moto by six months for all registered projects expiring on or after March 25, 2020 without individual applications.
“The government has extended the timeline for project completions and registration by six months. This is a big move that will de-stress developers significantly, since construction activity had been halted all across the country. Homebuyers’ wait for their homes will get extended by this move, but this was in any case inevitable,” said Anuj Puri, Chairman, Anarock.
Source: The Hindu BusinessLine
