Haryana hands out moratorium to real estate firms on compliance, int payments

New Delhi: Haryana government has handed out a big gift to the real estate developers in the state by way of moratorium on compliances and interest payments. The moratorium has been granted for seven months beginning March 2020, that is, till 30 September 2020 for all existing real estate projects in the state. 

The moratorium period of the seven months will be considered as "zero period". The moratorium will apply to various compliances and documentation process like Letter of Intent for CLU. It will also apply to license and CLU validity and even CLU Extension and license renewal.

The moratorium shall also apply to bank guarantees, payment of fee and deed of declaration, the state government said in a statement.

In another development, the state government has also decided to bring ordinances to relax the provisions of the Industrial Disputes Act, 1947 and the Factories Act, 1948. The state government can now give exemption from some of the provisions of the Acts like labour laws for a time period of 1,000 days to new companies. 

The rough of Industrial Disputes (Haryana Amendment) Ordinance 2020 will be placed before the Council of Minister in its forthcoming meeting.