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UP RERA Extends Completion Deadlines Of Real Estate Projects By Six Months

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UP RERA Extends Completion Deadlines Of Real Estate Projects By Six Months
Vishav - 21 May 2020

The Uttar Pradesh Real Estate Regulatory Authority (RERA) has decided to extend the deadline for completion of real estate projects by six months in light of the coronavirus outbreak and nationwide lockdown which has disrupted construction activities. This follows similar extensions by Rajasthan, Gujarat and Maharashtra RERA authorities.

The decision was taken at the UP RERA's 35th meeting days after the Finance Minister Nirmala Sitharaman had last week announced that the deadline for all real estate projects registered under RERA which were to be completed on or after March 25 should be extended. The meeting was chaired by chairman Rajive Kumar and attended by all the members and senior officers of UP RERA.

The UP RERA said that as per the Central government instructions, the outbreak of COVID-19 shall be treated as an “act of God” and a “force majeure” event under the RERA Act.

"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 six months due to the COVID-19 pandemic," the authority said.

The six-month extension will also be provided to such projects which have already availed one-year extension as provided in the RERA Act on or after 25th March 2020, it added.

In its advisory to the state RERA authorities last week, the Central government had said that the regulators could extend by another three months the date of completion if needed. They can also issue fresh “project registration certificates” with a revised timeline at the earliest.

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