New Delhi: The central ministry for housing and urban affairs said that the impact of the lockdown on the real estate sector will be treated as an event of ‘Force Majeure’ under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA).
The government will soon issue an advisory to states about the special measures that need to be taken to save the interest of homebuyers, real estate industry stakeholders.
The decisions were taken at the Central Advisory Council meeting under RERA which was chaired by minister of state for housing and urban affairs, Hardeep Singh Puri on Wednesday.
The meeting saw different stakeholders of the real estate sector including state secretaries, RERA Chairpersons, representatives of home