HIGHLIGHTS OF THE ADVISORY ON EXTENSION OF TIMELINES UNDER RERA

Published On: 20/05/2020

Practice Area: Real Estate

Authors:

Saurav Kumar
Neha Balodhi
On May 13, 2020, the Ministry of Housing and Urban Affairs (the 'Ministry') issued an advisory to the state governments to invoke the Force Majeure clause under the provisions of the Real Estate (Regulation and Development) Act, 2016 ('RERA') and to extend the timelines for (i) completion of the real estate projects which has been delayed due to pandemic caused by Covid-19 and (ii) for various statutory compliances ('RERA Advisory') under the provisions of RERA. As per the RERA Advisory, the Ministry mulled and considered the effect of the ongoing pandemic situation which resulted in reverse migration of the workers to their native places and break in supply chain of the construction material causing an adverse impact on the construction activities of real estate projects across India. The RERA Advisory is issued in accordance with the discussions held on April 29, 2020 of the Central Advisory Council with all its stakeholders including representatives of homebuyers, developers, real estate agents, financial institutions, regulatory authorities and state governments. INDUSLAW's @Saurav Kumar , @Sourav Nath and @Neha Balodhi discuss the key aspects of the RERA Advisory.