Relief to Contractors
- Extension of up to 6 months (without costs to contractor) to be provided by all Central Agencies (like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc)
- Covers construction/ works and goods and services contracts
- Covers obligations like completion of work, intermediate milestones etc. and extension of Concession period in PPP contracts
- Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows
Extension of Registration and Completion Date of Real Estate Projects under RERA
- Adverse impact due to COVID and projects stand the risk of defaulting on RERA timelines. Time lines need to be extended.
- Ministry of Housing and Urban Affairs will advise States/UTs and their Regulatory Authorities to the following effect:
- Treat COVID-19 as an event of ‘Force Majeure’ under RERA.
- Extend the registration and completion date suo-moto by 6 months for all registered projects expiring on or after 25th March, 2020 without individual applications.
- Regulatory Authorities may extend this for another period of upto 3 months, if needed
- Issue fresh ‘Project Registration Certificates’ automatically with revised timelines.
- Extend timelines for various statuary compliance under RERA concurrently.
- These measures will de-stress real estate developers and ensure completion of projects so that home buyers are able to get delivery of their booked houses with new timelines.