Real estate alert! Amid lockdown worries, GOOD NEWS for builders in Uttar Pradesh
Amid lockdown 4.0 in place, here is good news for UP builders!
Amid lockdown 4.0 in place, here is good news for UP builders! In a major development, the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has decided to extend the deadline for completion of real estate projects in the state by six months in view of disruptions caused by the coronavirus-caused Covid 19 pandemic. The decision was taken in a meeting chaired by UP-RERA Chairman Rajive Kumar and attended by all the members and senior officers of UP RERA.
Last week, the Centre issued an advisory to regulatory authorities of all states and Union territories, allowing to treat the COVID-19 pandemic as 'Force Majeure' or an act of God. It allowed the extension of timeline to complete projects by six months.
All registered projects for which the completion date or revised completion date or extended completion date as per registration expires on or after March 25, 2020, the registration and completion date or revised completion date or extended completion date is automatically extended by 6 months due to the COVID-19 pandemic, the authority decided. The regulator invoked the Force Majeure clause under the RERA law.
The six months extension will also be provided to such projects that have already availed one-year extension as provided in the RERA Act on or after March 25, it added.
The authority also decided that the time limit for various compliances that were due to be submitted by March 31 has been extended up to June 30 without any payment of late fee.
"The authority has received representations from various organisations such as NAREDCO and CREDAI along with individual representations wherein they have explained in detail the issues being faced by the sector as a result of the COVID-19 pandemic," Kumar said.
UP RERA Secretary Abrar Ahmed said no fees will be charged from the promoters for the extension.
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