NEW DELHI: In a relief to real estate developers, Finance Minister Nirmala Sitharaman on Wednesday said that the deadline for completion of projects will be extended by up to six months, treating the coronavirus outbreak as an event of ‘force majeure’ under the realty law RERA.
The Ministry of Housing and Urban Affairs will issue an advisory to real estate regulators of all states and Union Territories, to treat COVID-19 as an act of god so that ‘force majeure’ clauses under RERA can be invoked for providing relief to builders in completion of projects. (AGENCIES)
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