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Regulatory Authorities need to play crucial role to revive real estate sector amid COVID-19 situation: Hardeep Singh Puri

At a webinar with stakeholders celebrating 3rd RERA Day, Mr Puri said the Regulatory Authorities need to play a crucial role to revive the sector so that it can thrive and contribute to the country’s growth. The Minister said Covid had a debilitating effect on the real estate sector, which has become a cause for project delays.

He said his Ministry has issued advisory to all states and UTs and their Regulatory Authorities for issuance of orders to automatically extend the completion date or revised extended completion date for all real estate projects registered under RERA for a period of 6 months, where completion date expires on or after 25th March this year. Regulatory Authorities may further extend this timeline for a period upto 3 months if the situation demands.

Mr Puri said this will go a long way in addressing the anxiety amongst the home buyers and the developers, due to COVID and is a step towards regulatory easing.

The Real Estate Act, RERA, came into full force on 1st of May, 2017. The Act was aimed at addressing serious concerns that plagued the growth of the real estate sector, affecting its true potential to contribute to the economy and the growth of the country.

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