Extension of Registration and Completion Date of Real Estate Projects Under RERA
- All real estate projects registered under the Real Estate Regulatory Authority expiring on or after March 25 will get a six-month extension as the lockdown to contain the Covid-19 pandemic stalled work.
- Treat Covid-19 as ‘force majeure’ under RERA.
- Extend the registration and completion date, suo motu, by six months for all registered projects expiring on or after March 25 without individual applications.
- Regulators may extend this for up to three months more, if needed
- These measures will de-stress real estate developers and ensure completion of projects so that homebuyers are able to get delivery of booked houses with new timelines
- Issue fresh ‘project registration certificates’ automatically with revised timelines.
- Extend timelines for various statuary compliances under RERA concurrently.
- The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry.
- The Act establishes a Real Estate Regulatory Authority (RERA) in each state for regulation of the real estate sector and also acts as an adjudicating body for speedy dispute resolution.
- The bill was passed by the Rajya Sabha on 10 March 2016 and by the Lok Sabha on 15 March 2016.
- The Act came into force on 1 May 2016 with 59 of 92 sections.
- Ministry of Housing and Urban Affairs – New Delhi
- Founded – 1952
- Headquarter – New Delhi
- Minister – Hardeep Singh Puri(State)
- Ministry Executive– Durga Shankar Mishra
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