Move promotes ease of doing business”: Dr. Niranjan Hiranandani
MUMBAI: “The Ministry of Housing and Urban Affairs (MoHUA) has directed that permissions relating to the payment of charges and compliances required for construction may be rescheduled automatically without any requirement of individual application. This is in line with promoting ‘Ease of Doing Business’, and is a welcome move.
The COVID-19 pandemic and consequent lockdown, reverse migration of labor, and break in the supply chain for construction material have negatively impacted timelines across real estate projects across the country. It is in view of these disruptions that the MoHUA has issued an advisory to all states and union territories to extend the timelines of various time-bound permissions, No Objection Certificates (NoCs), and approvals related to real estate construction projects by nine months automatically. We are in challenging times, and in the uncertain scenario, from an industry perspective, it takes practical reality into account and should be a help as regards regulatory deadlines, etc, which under RERA, result in penalties for the real estate developers.
The move follows the advisory issued on May 13 by MoHUA, that COVID-19 should be treated as an ‘Act of God’ and a ‘Force Majeure’ event under the Real Estate Regulatory Authority (RERA) Act.”
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