Rajasthan gives extension of 1 year in real estate project completion deadline

New Delhi: The RERA registered projects in Rajasthan will now have an extended deadline of one year. Rajasthan Government has relaxed the deadline for those projects which were registered with the state RERA authority before 19 March 2020. The government has also waived off fees for the extended period.

The state government, in a statement, said that all the fees standard fees as per the order of the state RERA authority issued on 16 August 2019 will still have to be paid.

This relief coincides with Finance Nirmala Sitharaman’s announcement on Wednesday wherein the RERA registered projects across the country were given suo moto relaxation in deadline by 6 months for completion.

The Rajasthan government has sweetened the deal for the developers by extending the deadline by one year. Even the quarterly update reports that have to be uploaded on the website of the Rajasthan RERA authority by the developer will not be required until Match 2021.

The government said that the certificate for extended period of project will be uploaded on the website of the RERA authority. 

There will be no strict action on the real estate developers in the state for the implementation of refund orders till the end of the current fiscal. 

The state government further sweetened the deal for the real estate developers who will now be able to divide their projects in more than one phase. These changes can be included in the building plan of the project. This will be allowed so that the interests of the home buyers are not jeopardized. However, this can be done by the developers only on the consent of a minimum of two-thirds of home buyers of those projects where such amendments are being made.

Sitharam had said that the project will get extension of six months suo moto and the state TRERA authorities can extend the deadline by another three months if they so feel.  She had provided several relief measure for the real estate industry.

The central government also provided liquidity of Rs 75,000 crore to NBFCs, HFCs and MFIs for onward lending to  the small and medium enterprises and also individuals.