Hey,
The Covid-19 pandemic was a “force majeure”. In Latin, "force majeure" implies "unavoidable accident, chance occurrence." It is a contractual clause found in Section 6 of the Real Estate (Regulation and Development Act) of 2016. (RERA). If the prerequisites of force majeure are met, the promoter of a real estate project may be granted an extension of the registration of the aforementioned project for a maximum of one year.
The real estate business has been adversely impacted, according to the Confederation of Real Estate Developers' Associations of India (CREDAI), as a result of homebuyers' decreased ability to meet their financial commitments related to acquisitions. Developers cannot fulfil their main and interest obligations to banks or deliver projects to customers on schedule if buyers do not pay them. In accordance with Section 6 of RERA, COVID-19 should be considered a Force Majeure. Through the extension of project registration, the deadline for project completion and immunity from fines should both be extended by one year.
I hope this answers your question.
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What was the delay allowed to builders during the Covid era? Is it 1 year or only six months?
Sureshkumar
443 Views
1
2 Year
2023-02-13T09:57:37+00:00 2023-02-13T10:11:11+00:00Comment
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