Deadline for realty projects extended by RERA
Tribune News Service
Chandigarh, May 13
To minimise the effect of Covid-19 on the real estate sector, the Real Estate Regulatory Authority, Punjab, has announced a series of relaxations for developers.
NS Kang, Chairperson, RERA, said for all registered projects where completion date or revised completion date or extended completion date was on or after March 15, the period of validity for registration of such projects shall be automatically extended by six months from the original date.
For all projects whose registration had lapsed prior to March and in which applications for extension are under consideration, the period of validity for registration of such projects shall be extended by six months in addition to the extension period that would normally be granted on processing the application.
Besides, for all registered projects the registration of which has lapsed prior to March 15, and in which application for extension has not yet been made, the period of validity for registration of such projects shall be extended by six months in addition to the 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 shall be excluded.
