Weeks after extending the completion period of registered projects by five months, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has enhanced it by an additional one month. The move is based on an advisory from the Union ministry of housing and urban affairs.
“In the circular dated April 06, 2020, the validity of all registered projects and their completion period was extended by five months. Having regard to the advisory issued by the Union ministry of housing and urban affairs, the validity of registration and completion period of all the registered projects are further extended by one month over and above period of five months already extended on account of ‘force majeure’ (unforeseeable circumstances that prevent someone from fulfilling a contract) due to Covid-19 pandemic,” a TNRERA circular said.
Hundreds of ongoing housing projects registered with the realty regulator across the state during the past couple of years would benefit out of the extension as construction work has come to a standstill due to the Covid-19 outbreak. As per details available with the TNRERA’s portal, the completion period of these projects was scheduled between 2020 and 2024 depending on the project size.