Covid-19: RERA revises deadline for real estate projects

These projects were earlier scheduled to be completed before March 15 however the period of validity has now been extended by six months

Considering the Covid-19 situation, Punjab Real Estate Regulatory Authority (RERA) on Wednesday revised completion date of real estate projects by six months. These projects were earlier scheduled to be completed before March 15.

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RERA chairperson NS Kanga said the period of validity for registration of such projects will automatically be extended by six months from the original date.

“For all projects, the registration of which had lapsed prior to March 15, the period of validity of registration will be extended by six months in addition to a period that would normally be granted on processing the application, provided they apply for extension after paying the necessary late fee. In calculation of late fee, the period from March 15 to June 30 will be excluded,” said a statement.

The RERA chairperson said the time limit for all statutory compliances in relation to real estate projects and real estate agents, in accordance with the Real Estate (Regulation and Development) Act, which had become due till date, is extended up to June 30.

The matter will be reviewed constantly to take note of, and respond appropriately, to any emerging situation.