Uttar Pradesh RERA Gives Extension Of 3 Months To The Under Construction Projects

Agreeing to the request of the Confederation of Real Estate Developers Association of India (Credai) and National Real Estate Development Council (NAREDCO), Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has extended completion deadlines for under-construction projects registered in the state by three months.

“The authority appreciated that there has been, firstly slow dislocation in the construction work because of the need for social distancing and movement restrictions and secondly absolute stoppage of the work with national lockdown towards the end of the month of March and therefore the authority decided to extend by three months the date of completion of the projects,” it said in a press release dated 14 April, 2020.

The extension, however, is for projects with completion deadlines falling between 15 March and 31 December.

Most developers have welcomed the decision. “It is a welcome decision, but it is not sufficient as re-mobilisation of resources take a lot of time. Thus, the project completion timeline should be extended by at least six months,” said Vikas Bhasin, chairman and managing director, Saya Homes an NCR-based real estate developer.

Maharashtra RERA was the first to extend completion deadlines of projects in the state on 2 April, followed by announcement of extension by Karnataka RERA on 6 April. Both, Maharashtra and Karnataka have extended the completion deadlines by three months.

Given that the country-wide lockdown will now last till 3 May, other states are also expected to extend completion deadlines for projects to give respite to real estate developers.

Besides extension in completion deadlines, UP RERA has also decided to defer hearings of all complaints listed with the authority till 3 May. It will reschedule hearing dates and communicate it to parties later on. According to the press release, the authority also plans to conduct hearings of the complaints through video conferencing after 3 May or when the lockdown is relaxed. Detailed guidelines related to video conferencing of the complaints will be uploaded on the website of the authority — https://www.up-rera.in/index — within 7 to 10 days.

(Source: Livemint)