The Gujarat Real Estate Regulatory Authority (RERA) has 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.
Gujarat RERA 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 1 April 2020 and 31 March 2021.
The Authority 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. As many as 1,570 or 32 percent of the ongoing projects are going to benefit from the relaxation.
Projects with multi-block development plans will be in a position to revisit their development plan and may consider de-registration of a portion of their inventory through an alteration application, meaning bringing down the size of the registered project by converting the project into a phase of the approved layout plan.
With these measures, Gujarat RERA has granted relief to more than 80 percent of the ongoing projects across the state, which are likely to be completed in the next four years