All registered projects for which the completion date expires on or after 25th March, 2020, the registration and completion date is automatically extended by six months due to outbreak of COVID-19 pandemic. The authority also decided that the time limit for various compliances is extended up to June 30 without any payment of late fee.
The ESR India app enables safer park management, digital execution of service requests, and has integrated features to combat the spread of coronovirus. The app enables contactless park entry with a digital submission of mandatory health declaration and thermal scanning at the entrance.
US-based News Corp-backed housing brokerage firm, in its report Real Insight Q4'2020, also highlighted that the share of completed apartments in the total housing sales grew to 20 per cent during the last fiscal from 15 per cent in the previous financial year.
Addressing a webinar on the occasion to celebrate the completion of three years of RERA, Hardeep Singh Puri said the government has taken many steps to help the realty sector deal with the crisis caused by the COVID-19 pandemic. He told real estate regulators in states/ union territories to play a crucial role in reviving the sector.
The announcement is part of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi on Tuesday.
Following the government's decision to provide 6-month extension for realty projects' completion, developers are hoping that measures like one-time restructuring or roll-over of debt and other issues including liquidity enhancement may be unveiled soon.
State-specific RERA authorities can extend the deadlines by another three months. Any project that was scheduled to be completed on or after March 25 will get the benefit of the extension.
In a statement, the Union Housing and Urban Affairs Ministry said the measure will safeguard the interest of homebuyers, who will get the delivery of their flats although with a delay of a few months, but it will definitely ensure the completion of the projects.
While Covid-19 hotspots and containment zones pretty much criss cross the city, these homebuyers are expected to avoid properties adjoining such micro-pockets in localities like Worli, Parel, Byculla, Lower Parel, Prabhadevi, Sewri and Wadala in central Mumbai that was already facing a oversupply situation.
“We have raised the matter on several platforms but nothing concrete has happened. Developers do not have the money to pay salaries if liquidity issue is not resolved. We are not getting loans since restructuring has not been done. After restructuring, the EMI should start a year later, since we are not going to get any money from sale,” said RK Arora.
Buyers are trying to get the best possible deal knowing fully well that the developers don’t have much leverage due to a cash crunch, projects that are stuck due to labour and raw material shortage, and also because of a demand shortage that may well extend into a few months.
The Confederation of Real Estate Developers' Association of India (Credai) has written to minister for housing & urban affairs Hardeep Singh Puri, seeking urgent measures to control the hike in the prices of cement and steel amid the ongoing pandemic crisis.
According to the consulting firm KPMG, in comparison to the economic crisis of 2008, the government now has limited options to undertake corrective interventions owing to the financial stress which was already prevalent in the pre-COVID-19 period.
Construction groups have received permission to restart work in the National Capital Region, after getting permission from local authorities and fulfilling government mandated conditions. The companies have imposed a ban on gutka, pan masala, pan and any form of tobacco at their sites to maintain hygiene.
The survey indicated that both these markets are likely to be slightly less affected by the lockdown when compared with cities like Ahmedabad and Kolkata.
Detailed standard operating procedures and guidelines have been worked out for every construction site. According to sources, every work site would have a nodal officer or Covid Marshal who would be responsible for all the health, sanitation and hygiene measures employed.
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