Builders given more time to complete registered real-estate projects - Newry Properties

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Builders given more time to complete registered real-estate projects

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A decision taken keeping in mind the state of affairs the last couple months, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has extended the deadline for the completion of registered projects by a month, till July 31, in the wake of the consequential force majeure. This is on top of  the five-month extension it had granted earlier. Residential projects like
apartments in Manapakkam, and other construction projects throughout the State will have a buffer period as the revised date has been pushed to July 31 to ensure that their projects are completed. “All registrations which are valid as on February 1 are extended automatically up to June 30. The validity of the registration will also be coterminous with the revised
completion date,” the Authority had said in a circular issued earlier.

This decision was taken based on an advisory from the Union Ministry of Housing and Urban Affairs, and the validity of the registration and the deadline for completion of all registered projects have been further extended by a month, the Authority said.

Even though there are several projects completed and ready for sale, like fully constructed flats in Thirumullaivoyal, there are still a lot of vacant buildings available for sale. However, S. Sridharan, chairman of CREDAI Tamil Nadu, said there may be further delays in project completions, with migrant workers going back to their native places. The migration crisis, in addition to the economic discrepancies caused by the inevitable lockdown due to the pandemic has definitely hit the construction business hard.

“We will get to know the actual situation when we kick-start full-fledged operations in one or two months’ time,” Mr. Sridharan added. Until then, the state of the real estate and construction business remains unpredictable, in terms of new and unregistered projects.

 

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