Extension in project completion deadline to cost homebuyers dear
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New Delhi, May 20 -- Considering the lockdown and the exodus of labourers, the ministry of housing and urban affairs has advised state governments and respective real estate regulatory authorities to consider covid-19 pandemic as "force majeure" event and allow extension of up to nine months to developers for the completion of real estate projects. This is a relief for developers, but it will cost homebuyers dear.
Finance minister Nirmala Sitharaman stated in a press conference on 13 May stated that authorities should "extend the registration and completion date suo moto by six months for all registered projects expiring on or after 25 March 2020 without individual applications. Regulatory authorities may extend this for a...
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