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Centre issues advisory to all states / UTs and their real estate regulatory

New Delhi:16/9/20: In view of the situation created by the global pandemic COVID-19 (Corona Virus), reverse migration of labourers and breakdown of construction materials supply chains, the construction activities of real estate projects were affected adversely across the country.

To protect the interest of all stakeholders including homebuyers, Central Government issued an advisory to all States / UTs and their Real Estate Regulatory Authorities to treat the COVID-19 pandemic as force majeure and automatically extend the registration/completion date of all projects registered under RERA for a period of 6 months where completion date expires on or after March 25, 2020, and to allow further extension of 3 months, if the situation so demands, for the reasons to be recorded in writing and also extend concurrently the timelines of other statutory compliances under RERA.

Further, as part of ‘AtmaNirbhar Bharat Abhiyan’, various other incentives/reliefs have been provided for the Real Estate Sector such as; special refinancing facility of Rs 10,000 crore at Reserve Bank of India’s Policy Repo Rate to National Housing Bank for supporting Housing Finance Companies (HFCs); Rs 45,000 crore Partial Credit Guarantee Scheme for Non-Banking Financial Companies (NBFCs) and Rs 30,000 crore Special Liquidity Scheme for Microfinance Institutions, NBFC & HFCs; extension of Credit Link Subsidy Scheme under Pradhan Mantri Awas Yojana- Urban till March 31, 2021; Scheme for Affordable Rental Housing Complexes for migrant labours and urban poor.

All these measures aim to address the issue of liquidity disruptions to augment the flow of funds to the real estate sector.

This was informed by Minister of State (I/C) for Housing and Urban Affairs Hardeep Singh Puri in a written reply in the Rajya Sabha today.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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