Thread by @Secretary_MoHUA

Grateful to Hon’ble FM Smt @nsitharaman ji for announcing relief measures in the interest of homebuyers to issue Advisory to States/UTs & Regulatory Authorities to automatically extend registration of all real estate projects due for completion after 25th March by 6 months.

This will be done by invoking ‘force majeure’ clause under RERA for COVID-19 pandemic. Regulatory Authorities may extend the timeline further upto 3 months, if the situation in the State/ UT or part thereof, so warrants.

#CitiesFightCorona #IndiaFightsCorona

Due to nationwide lockdown, reverse migration of labourers & disruption in the supply of construction materials, projects were halted in India & will take quite some time to revive in full swing. This extension will provide relief from unnecessary litigations & stress on projects

It will ensure delivery of homes as per revised timeline to homebuyers who have invested their lifetime savings for their dream homes. It will ensure that COVID-19 does not lead to complete breakdown of real estate sector, which is one of the largest employer & contributor to GDP

A few days back, Central Advisory Council (CAC) of RERA also recommended this unanimously. MoHUA has issued today an Advisory to all States UTs & their Real Estate Regulatory Authorities to consider the current pandemic of COVID-19 as “force majeure” under RERA.

In line with the Government's focus on Ease of Doing Business (EoDB), RERAs have been advised to issue ‘Revised Registration Certificates’ with new timelines ‘suo moto’ without taking individual applications. Further all compliance timelines will be extended concurrently.

This measure will safeguard interest of homebuyers by ensuring delivery of their homes with delay of a few months, as mandated under RERA.
GoI is fully committed to uphold & protect the interest of homebuyers & ensure EoDB in the real estate sector. #AtmaNirbharBharat