In a relief to the real estate sector in Madhya Pradesh amid the ongoing coronavirus-induced lockdown, the state Real Estate Regulatory Authority (RERA) has extended by six months the completion deadline of registered projects that were to be completed on or after March 15. The decision will benefit about 3,000 projects across the state, the RERA said.
The decision was taken due to the adverse impact of the lockdown on the real estate sector, a state Public Relations Department official said on Thursday.
“The Authority has decided that the registration of the projects, which were to be completed as on March 15 and later should be extended for six months from the expiry (of registration) date,” the official said.
He said the additional extension of six months is being given free of cost in the registration period in the projects, for which registration is under consideration of RERA.
In addition, on being applied, six-month extension will be granted in cases of the registration, which ended before March 15 but the application for extension has not yet made to the Authority, the official said.
The Authority has also extended the date for submission of necessary information, returns and documents that the promoter and agent had to submit on or after 31 March, to 30 June, 2020.
The extension order will also apply to all buyer- seller contracts that have been executed before March 15, but whose completion period is due after March 15, 2020.
For such contracts, extension of six months in the agreed construction period will be accepted, the official added.
According to the state RERA, the Advisory Committee constituted under the Union Ministry of Housing and Urban Development has also recommended extension of six months to the registered project in view of the coronavirus epidemic.
Several organisations of real estate promoters and developers have also made representations before the authority seeking relief, the official said.