The Real Estate Regulatory Authority, Karnataka, has extended the period of validity of registration of all KRERA registered projects by six months. In an order issued on Tuesday, the authority said that the extension was given by invoking the ‘Force Majeure’ clause. The project registration certificates, with the revised timelines, will be issued soon.
The order also states that the time limits of all statutory compliances in accordance with Real Estate (Regulation and Development) Act, 2016, which were due by March 15, 2020, had been extended to September 15, 2020.
However, cases of urgent nature would be heard either in person or through ‘Skype’ to avoid gathering of litigants, lawyers and visitors, the order read.
The Forum for People’s Collective Efforts has stated that the extension of registration is against the interest of home buyers. The Forum, which is also a member of the Central Advisory Council for RERA, has submitted its dissent note and appealed that the Centre should acknowledge COVID-19 as a natural calamity under force majeure and extension of RERA registered projects, as per section 6 of the RERA Act applicable only for the actual lockdown period.
To protect the interest of home buyers, it has sought a waiver on the interest part of the principal amount of loans during this COVID-19 force majeure.