Sunday , 5 July 2020
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Deadline for real estate projects extended by six months

Hindustantimes

In a major relief to real estate developers in the city, the Haryana real estate regulatory authority (H-Rera) on Tuesday extended the registration and completion dates of the real estate projects registered by the authority by six months. The decision was taken following an advisory issued by the union ministry of housing and urban affairs on May 13, regarding the grant of relief to the real estate sector, which had been hit hard by the lockdown imposed to check the spread of coronavirus disease (Covid-19).

In the absence of such an extension, the developers would have had to pay a heavy penalty for the late delivery of apartments or houses.

Dr KK Khandelwal, Chairman, H-Rera said that as per the advisory issued by the ministry, the authority has decided to extend the registration and completion dates of real estate projects automatically by six months. “No fresh applications need to be made and the extension of timelines of all statutory compliances is automatic,” he said.

The authority in its order said that in view of the situation created by the Covid-19 pandemic and the consequent nationwide lockdown from March 25, an urgent meeting of Central Advisory Council was held on April 29 and, as per its recommendations, the ministry had issued an advisory regarding extension of timelines of all statutory compliances due to the ‘Force Majeure’ clause under the provisions of Real Estate (Regulation and Development) Act 2016 on May 13, 2020.

Developers in Gurugram, meanwhile, said that while extending the deadline will help them but they wanted the state government to help the sector more as the industry was facing difficulties. “We want the government to reschedule payments of EDC/IDC (external and infrastructure development charges) for the time period. The payment of all other levies and fees should also be relaxed and for the time being. All penalties should be extended,” said Prashant Solomon, managing director, Chintels Developer and spokesperson for CREDAI (Real Estate Developers’ Association of India) , Haryana.

source: hindustantimes