The National Real Estate Development Council (NAREDCO), has demanded further 12 months extension to the real estate projects in Uttar Pradesh. UP chapter of the apex real estate body has written to the UP RERA saying that COVID19 has pushed back construction in real estate projects by about 18 months.
The UP RERA in May, had given extension of validity period for registration of real estate projects in the state by six months.
“There is no sign of end to the pandemic as the number of positive cases are increasing day by day. Further, there were unexpected exodus of migrant labourers in large numbers from real estate projects to their native states. Also the supply chain of materials and equipment from different parts of the country, has been badly impacted due to the lock down restrictions,” said RK Arora, president of NAREDCO-UP.
On May 20, UP RERA had decided to allow automatic extension of six months for all projects, due to outbreak of COVID-19.
“In order to start construction in normal speed, the labourers have to be brought back and the supply chain of raw materials restored and above all the pandemic situation need to be eased. It is therefore, very clear that the “force majeure” situation is continuing for some more time for which further time extension to project completion dates need to be allowed by UPRERA,” Arora said in his letter to UP RERA.
(Source: Economic Times)
