Real Estate Can Invoke Covid-19 As Force Majuere
The government has said that developers can now invoke a Force Majuere clause under the Real Estate Registration act. By invoking Force Majuere they can extend their registration and completion date suo-moto by six months for all projects that were expiring on or after March 25. Fresh project regist
Published -
May 15, 2020 5:19 AM
The government has said that developers can now invoke a Force Majuere clause under the Real Estate Registration act. By invoking Force Majuere they can extend their registration and completion date suo-moto by six months for all projects that were expiring on or after March 25. Fresh project registration certifications will be issued automatically with new timelines. Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa commenting on the government’s announcement stated, “. The announcement to treat COVID-19 as an event of ‘Force Majeure’ and as an ‘Act of God’, and permission to extend project completion timelines and other statuary compliances under RERA by 6 months is a positive step for the developer community. It will enable them to deliver projects to the end consumer under the new timeline.” “The Central government’s advisory to the state governments to invoke the ‘force majeure’ clause has come as the much-needed relief for real estate developers. This will now provide for a six-month suo-moto extension for project registration and completion of projects (with scope for a further three-month extension), which are due for expiry on and after 25th March. This will definitely benefit developers as the construction activity has been adversely hit due to the ongoing lockdown. This also gives elbowroom, as the sector gradually restarts its operations with the expected gradual ease in lockdown. It will aid in smoothening the operations as they will have to grapple with issues related to adequate availability of labor due to reverse migration and supply chain issues with respect to timely availability of key raw materials such as cement, steel, etc.,” expressed Ramesh Nair, CEO and Country Head (India), JLL
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