Covid-19 will be treated as force majeure in RERA

The ministry of finance of corporate affairs Nirmala Sitharaman has announced to extend the registration and completion of the projects which are to be expired by 25 March by another six  months in suo-moto motion without any individual application and hence it will be issued by the ministry of housing affairs on the states and urban territories including their regulatory authorities. This is an impact of coronavirus pandemic which are to be considered as the risk standing on RERA timelines. Some Regulations and effects are to be followed by the authorities-

1. Covid-19 will be treated as the force majeure in RERA ACT

2. The extension can be pulled to another 3 months if needed.

3. Issuance of new registration certificate of projects will be done automatically with revised guidelines.

4. Currently the complains of RERA will be extended as per the guidelines.

She also added that the developers and the whole real estate will feel distress and they can also deliver the projects and the buyers also can get the booked projects with new advantages and benefits. Apart from the measures of RBI, and the provisions that has been calculated between July and February 2020 there are lots of NBFCs who are not able arrange funds and facing hurdles. For this reason, the government Has introduced a scheme of 30,000 crore for liquidity in the debt papers of NBFCs, HFCs and MFIs.

This will save many businesses and all the debt papers will be guaranteed by the government of India she explained. For more liquidity inflow, the finance ministry has revised the scheme of 45000 crore by partial credit guarantee scheme of NBFCs which is not new but extended with revised guidelines. With the help of such announcements the upcoming residential projects in Kolkata will be available as introduced in the previous day’s and investors can grab them with many more benefits.

By LNN (Liyaans News Network)