New Delhi, July 31 -- The National Real Estate Development Council (NAREDCO) today welcomed the advisory issued by the Ministry of Housing and Urban Affairs (MoHUA) regarding extension of real estate projects under Force Majeure provisions of the Real Estate (Regulation and Development) Act, 2016.
The Ministerial advisory comes in response to the ongoing situation in West Asia, which has disrupted global supply chains, leading to shortages of construction materials and timely execution of real estate projects.
MoHUA advised State Real Estate Regulatory Authorities (RERAs) to grant a four-month extension in the registration and corresponding completion timelines of registered real estate projects whose completion date, revised completion d...