Report Suggests RERAs to Push Project Deadlines by 6-12 Months

April 13, 2020: In a recent report by PHD Chamber of Commerce, findings from various real estate bodies have suggested that the centre should advise the Real Estate Regulatory Authorities (RERA) in the all states to extend the deadline for completion of projects by six months to 1 year instead of just 3 months in the wake of the interruption caused by COVID-19 crisis and the ensuing nation-wide lockdown.

The industry body has also proposed that a suspension period of six months be allotted for paying local body taxes like municipality taxes and property taxes.

It further suggested that the current projects be considered as assets for granting credit to developers.

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The report said: "Stamp duty and registration charges on completed flats for a period of around one year should be reduced or waived off. This will be a huge fillip to not just the real estate sector but will also stimulate demand in core industries like cement, steel, electrical, etc., while at the same time providing employment opportunities. This could go a long way in rejuvenating economic activity."

It acknowledged that although the emergency rate cut by the RBI will lower interest rates, but consumer sentiment needs to be further stimulated for home buying to be kick started.

As per the industry body's report, "It is suggested that the enhanced interest deduction for home purchase should be brought down this year. For instance, for current year, the deduction of interest could be 200 per cent of interest paid, followed by deduction of 175 per cent of interest paid for second year, deduction of 150 per cent of interest paid for third year and so on.”

It suggested measures that would help the industry such as the minimum wages of the construction labours be borne by the government by using labour cess funds collected from the developers, during COVID-19 crisis, it said.

The report also touched upon a long-awaited request of industry status for the real estate sector.

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