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UP-RERA gives six months extension to projects

All registered projects for which the completion date expires on or after 25th March, 2020, the registration and completion date is automatically extended by six months due to outbreak of COVID-19 pandemic. The authority also decided that the time limit for various compliances is extended up to June 30 without any payment of late fee.

, ET Bureau|
Last Updated: May 20, 2020, 07.57 PM IST
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The real estate Regulatory Authority (RERA) of UP has given extension of validity period for registration of real estate projects in the state by six months.

According to an UP-RERA official, all registered projects for which the completion date expires on or after 25th March, 2020, the registration and completion date is automatically extended by six months due to outbreak of COVID-19 pandemic.

“It is significant to note that the concerned six months extension will also be provided to such projects which have already availed one-year extension as provided in the RERA Act on or after 25th March 2020,” said the official.

Central government had issued an advisory on May 13 regarding extension of registrations of real estate projects due to ‘force majeure’ under the provisions of Real Estate (Regulation and Development), Act 2016 (RERA).

The authority also decided that the time limit for various compliances including any of the previous quarterly progress reports and annual audit reports of projects which were due to be submitted by March 31, is extended up to June 30 without any payment of late fee.

“The authority has received representations from various organisations such as NAREDCO and CREDAI along with individual representations wherein they have explained in detail the issues being faced by the sector as a result of COVID-19 pandemic. Different promoters also raised their concerns in this regard in a meeting of promoters held by the authority through video conferencing,” said UP-RERA chairman Rajive Kumar.
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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