BENGALURU: Offering some relief to real estate developers, finance minister Nirmala Sitharaman on Wednesday extended by six months registration and completion dates of all projects under Real Estate Regulatory Authority (RERA).
This will apply to all real estate projects expiring on or after 25 March, and individual applications are not needed. Sitharaman said the covid-19 outbreak should be considered a force majeure event under RERA.
The urban development ministry will issue an advisory to all states and union territories so that the respective regulatory authorities can invoke the force majeure clause.
The finance minister also said that fresh project registration certificates should be issued automatically with revised timelines.