Uttar Pradesh Real Estate Regulatory Authority (UP RERA), in view of the 40-day-long nation-wide lockdown, has extended completion deadlines for under-construction projects registered in the state by three months.
The bodies representing the real estate developers — the Confederation of Real Estate Developers Association of India (Credai) and National Real Estate Development Council (NAREDCO) — had approached RERA for extension of the deadline.
“The authority appreciates that there has been, firstly slow dislocation in the construction work because of the need for social distancing and movement restrictions and secondly absolute stoppage of the work with national lockdown towards the end of the month of March and therefore the authority decided to extend by three months the date of completion of the projects,” UP RERA said in a press release.
The extension, however, is for projects with completion deadlines falling between March 15 and December 31.
Most developers have welcomed the decision.
UP RERA has also decided to defer hearings of all complaints listed with the authority till May 3. It will reschedule hearing dates and communicate it to parties later on.