RERA Extends Project Deadlines to Support Developers and Homebuyers

May 14, 2020 Although MSMEs, NBFCs and HFCs were major focus of the Finance Minister’s address, the real estate sector also got a major boost from the announcements made by Sitharaman on Wednesday. Offering a major relief to real estate developers, the FM extended the timeline for project completion and registration by 6 months.

The move will help developers significantly since construction activity had come to a grinding halt across the country. The wait for homebuyers gets a bit longer, but this was inevitable.

The inclusion of COVID in the definition of ‘Force Majeure’ or Act of God, and empowering the State/UT regulatory authority to suo moto revise the date of registration and completion of projects by 6 months, is a boost for the already-ailing real estate sector. It is slated to combat th disruption caused by the pandemic. “This will not only provide more time to complete the project without any liability for delay in completion of the project but will also prevent them from facing the legal cases on account of delay limited to this 6 months’ extension window,” said a Tax Expert.

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While the COVID-19 spread has been challenging for several sectors, including real estate, the sector seems to be buoyant with several research reports highlighting that real estate is still considered the best investment option. This will be reinforced more by the various liquidity measures by the finance ministry that will help ease the rigidity currently being witnessed in the Indian realty market.

Further, the announcement of Rs 30,000-crore special liquidity scheme for NBFCs/HFCs and MFIs will ease liquidity griefs of strained stakeholders. This will benefit the real estate sector significantly, given that NBFCs and HFCs are major lenders to it.

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