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Real Estate: Deadline of RERA projects extended by 4 months, possession will be delayed
Housing Delay: The central government has recommended additional time of 4 months for completion of some RERA-registered housing projects. Let us know what effect this will have on home buyers and builders.
RERA Housing Projects: If you have booked a house in any under-construction project and are waiting for the possession of your new house, then this news is very important for you. Recently, the Central Government has recommended giving additional time of up to 4 months to complete some housing projects registered under the Real Estate Regulatory Authority (RERA) across the country. This will give builders more time to complete the project, but many home buyers may face delays in getting the keys to their new flat or house.
The government says that due to the ongoing tension in West Asia and disruptions in the global supply chain, many real estate projects are not being completed on time. Keeping this in mind, the government has decided to extend the deadline of projects.
Why have project deadlines been extended?
The ongoing conflict in West Asia has disrupted supply chains.
The availability of construction materials and various equipment has also become difficult.
Transport and freight costs have also increased significantly.
This has also impacted the availability of cement, steel, aluminum, and other essential materials.
Recognizing these circumstances as extraordinary, the government has decided to provide relief.
Which projects will benefit?
This relief is available to RERA-registered projects:
Those whose original deadline is on or after February 28, 2026.
Those whose previously extended deadline expires on or after February 28, 2026.
Eligible projects may be granted a one-time extension of four months.
Will builders need to apply?
This time, the central government has advised state RERA authorities to issue a uniform order for such projects. This will eliminate the need for builders to submit separate applications and simplify the process.
What will be the impact on home buyers?
Many buyers may face a delay of up to a few months in receiving possession.
Griha Pravesh, relocation from rented homes, and other financial plans may also be affected.
Those who had planned to leave their rented homes may now have to change their plans.
What will be the impact on the real estate sector?
Experts say that if global tensions and supply chain problems continue, the cost of many construction materials, such as cement, steel, copper, and aluminum, could increase even more than before. However, this rising cost could impact the construction of millions of homes that are waiting to receive the keys to their new homes.
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The post Real Estate: Deadline of RERA projects extended by 4 months, possession will be delayed first appeared on informalnewz.
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