WB-HIRA extends projects deadline by nine months

BENGALURU:The Went Bengal Housing Regulatory Authority has extended the validity of registrations for all real estate projects by nine months due to the disruption caused by Covid-19 pandemic.

“For all the projects already registered under the WBHIRA as on date of issue of the order, the project timeline is automatically extended for a period of nine months from the present day of completion and no fees will be charged for an automatic extension of project registration, ” said the order.

The order further states that builders should reschedule payments from property buyers as per the revised construction schedules.

“The real estate industry and construction site was completely closed during the lockdown. This will greatly help the industry, as without this the banks were not ready to make further funding. The Developers and Customers are also getting huge confidence, ” said Sushil Mohta, president, CREDAI-WB.

Property builders have been seeking exemption of project timelines and penal charges for up to a year.

Some of the states to have extended project timelines include Maharashtra, Karnataka and UP.

In May the Central government had issued an advisory on extension of registrations of real estate projects due to ‘force majeure’ under the provisions of Real Estate (Regulation and Development), Act 2016 (RERA).

CREDAI West Bengal has also similarly written to municipal authorities, Urban Development department and various other authorities for extension of approval period because of the delays due to pandemic.

According to the records of the Labour Department, there are about 35 Lacs workers involved in the construction sector in West Bengal.

The total stamp duty collection on registration of the property documents was about Rs. 5,400 Cr by March 2019 for the state.

[Source – Economic Times]


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