FM announces measures to de-stress Real Estate sector
Extending relief to real estate developers and to ensure that homebuyers get homes with new timelines, the FM said that the housing and urban affairs ministry will issue an advisory to states and union territories to treat COVID-19 as a force majeure. States, union territories can suo-motu extend registration and completion date of realty projects by six months if projects are registered on or after March 25. MoHUA India will advise states/UTs and their regulatory authorities to extend the registration and completion data suo-motu by six months for all registered projects expiring on or after March 25, 2020, without individual applications. RERAs will also issue fresh project registration certificates automatically with revised timelines and extend timelines for various statutory compliances under RERA concurrently, she said. 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. Extension of RERA timelines beyond lockdown period by six months will be a relief to developers who are not defaulting on project completion timelines, said Piyush Gupta, Managing Director - Capital Markets (India), Colliers International. "Providing a major relief to real estate developers, the government has extended the timeline for project completions and registration by 6 months. This is a big move that will de-stress developers significantly, since construction activity had been halted 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 Property Consultants.
📅Published on:
15 May 2020
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