1) The Central Government has extended the Registration and Completion Date of Real Estate Projects under RERA.
2) The Finance Minister said that Adverse impact due to COVID-19 and projects stand the risk of defaulting on RERA timelines. Timelines need to be extended.
3) The Central Government directed to advise States/UTs and their Regulatory Authorities to the following effect:-
a) Treat COVID-19 as an event of ‘Force Majeure’ under RERA.
b) 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.
c) Regulatory Authorities may extend this for another period of up to 3 months if needed
d) Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
e) Extend timelines for various statuary compliances under RERA concurrently.
4) 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.