Measures to protect interests of homebuyers soon: Hardeep Singh Puri

The ministry of housing and urban affairs will soon issue an advisory to RERA authorities and state governments on the special measures that need to be taken to protect the interests of homebuyers and the real estate sector at large in the light of COVID-19 pandemic, Housing and Urban Affairs minister Hardeep Singh Puri said on April 29.

"Spoke to different stakeholders of the real estate sector including state secretaries, RERA chairpersons, representatives of homebuyers, real estate association and other stakeholders at a meeting of the Central Advisory Council of RERA. Participants raised several concerns facing the sector in the light of COVID-19 pandemic. I assured them that the government is taking various proactive steps to revive economic activities. We shall consider their demand for invoking ‘force majeure’ clause under RERA and will soon announce measures to save the interest of homebuyers and protect the sector from adverse impact,” the minister tweeted.

He said that MoHUA will soon issue an advisory to all RERA/States about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders.

The minister said this at an urgent meeting of the RERA Central Advisory Council (CAC) constituted under the provisions of Real Estate (Regulation and Development) Act, 2016 (RERA) that was held via webinar.

Vandana Ramnani

Associate Editor, Real Estate|Moneycontrol News

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The meeting was called to discuss the impact of the pandemic and consequent nationwide lockdown on the real estate sector and to treat it as a Force Majeure event under the provisions of RERA.

Amitabh Kant, CEO, NITI Aayog; Durga Shanker Mishra, secretary, MOHUA; A K Mendiratta, secretary, department of Legal Affairs; principal secretaries and chairpersons of Real Estate Regulatory Authorities of several states, representatives of homebuyers, real estate developers, agents, apartment owners' associations, CREDAI, NAREDCO, financial institutions and other stakeholders participated in the meeting.

"It was unanimously recommended to invoke the force majeure clause and to give suo moto relief to registered projects due for completion on or after March 25, 2020 and will be in the interest of homebuyers and real estate sector so that projects could be completed and promised homes delivered," Mishra tweeted.

On April 28, Puri had directed officials to prepare post-lockdown standard operating procedures (SOPs) for various urban missions, including the Pradhan Mantri Awas Yojana and functioning of metro trains.

The directions were issued at a meeting chaired by Housing and Urban Affairs Minister Puri to review the progress of various urban missions, including Smart Cities Mission, Swachh Bharat, PMAY (Urban) and Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM).