Wednesday, 8th April: Uttar Pradesh Real Estate Regulatory Authority (UP RERA) recently announced the relaxation of several compliance for the builders in the state amid the Coronavirus pandemic and lockdown which has disrupted the industry.
The announcement was made after the National Real Estate Development Council (NAREDCO), a body of developers, in a letter, appealed to UP RERA for the relaxation in timelines, refunds and penalties for the promoters registered with UP RERA under RERA Act and UP RERA rules.
“Besides relaxing the timeline and refund norms, we have also proposed that builders are not asked to submit quarterly progress reports along with photos and videos of the projects. Usually, this is done by March 31. There is no way builders can follow these norms in the current situation. All such compliances should be deferred at least by a few months,” said RK Arora, the president of Naredco and Chairman of Supertech.
Though the UP-Rera officials have confirmed that they would grant relaxations, it is yet not clear which compliances would be relaxed.
A UP-Rera member said, “We have received a letter from Naredco and gone through the demands of the builders. Given the realities of the current situation, valid considerations would be made. However, the exact nature of these benefits would only be revealed when we start functioning.”
The real estate sector is the largest employer of the unorganized labour force and it is going to find difficult to complete the projects particularly after the mass migration of labourers to their native villages amid lockdown.