Bengaluru/New Delhi: Offering some relief to real estate developers, finance minister Nirmala Sitharaman on Wednesday asked states and union territories to extend the registration and completion date by six months of all projects registered under the Real Estate Regulatory Authority (RERA).
This would apply to all real estate project registrations expiring on or after 25 March and individual applications are not needed.
Sitharaman said the covid-19 outbreak should be considered an event of ‘force majeure’ or an ‘act of God’ under RERA. Consequently, 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 decision to
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