Gujarat Real Estate Regulatory Authority on Monday provided some relief to real estate developers to help the realty sector mitigate the impact of the current lockdown to contain the COVID-19 pandemic.
The state regulator has allowed realtors to apply for a one-time extension in the project completion deadline (end date). The extension will be provided to all registered projects having their project end date on and between April 1, 2020 and March 31, 2021.
Gujarat RERA has also waived the fee for application to extend the date. The measure will give projects having end date within one year from now additional time for their completion.
“Projects having their end date one year from today would be in position to realign their construction schedules to address the disturbance caused by Covid-19 lockdown,” Gujarat RERA said in its order issued on Monday. As many as 1,570 or 32% of the ongoing projects are going to benefit from this relaxation.
Apart from this, the application fee for alterations has also been waived.
“Projects with multi-block development plans would be in a position to revisit their development plan and may consider de-registration of a portion of their inventory through an alteration application i.e. bringing down the size of the registered project by converting the project into a phase of the approved layout plan,” the regulator added.
With these measures, Gujarat RERA has granted relief to more than 80% of the ongoing projects across the state which are likely to be completed in next four years.
