Further, under Section 7(3) of RERA, the Authority may, instead of revoking the registration, permit it to remain in force subject to such terms and conditions as it considers appropriate in the interest of the allottees, the Advisory read.
In view of the force majeure conditions, the ministry has advised regulatory authorities to issue suitable orders extending the registration and corresponding completion timelines of registered real estate projects by four months. The relief would apply to projects whose original, revised or already extended completion date falls on or after February 28, 2026.
Welcoming the development, Parveen Jain, president, The National Real Estate Development Council (NAREDCO), said, “The ministry’s recognition of these extraordinary circumstances under the Force Majeure provisions of RERA is a balanced and much-needed step for the real estate sector.”
Extension clause
Section 6 of the Real Estate (Regulation and Development) Act, 2016, provides for the extension of registration of a real estate project on account of force majeure, which, inter alia, includes “war” affecting the development of a project.
Leave a comment