Realtors hail Centre's 4-month project deadline relief amid Middle East disruptions
Real estate industry bodies have welcomed the government's decision to grant a four-month extension for project completion deadlines due to supply-chain disruptions caused by the Middle East conflict. The move aims to help developers manage delays without compromising project quality.
Why it matters
This regulatory relief addresses the impact of global geopolitical instability on domestic infrastructure and housing projects.
Real estate industry bodies CREDAI and NAREDCO on Saturday welcomed the Centre's advisory asking state real estate regulators to extend project completion timelines by four months, saying the move would provide much-needed relief to developers grappling with shortages of construction materials caused by the ongoing conflict in Middle East.The industry bodies also urged state Real Estate Regulatory Authorities (RERAs) to implement the advisory at the earliest, arguing that the extension would help developers complete projects without compromising on quality while protecting the interests of homebuyers.Centre cites Middle East disruptionsOn Friday, the Union ministry of housing and urban affairs issued an advisory directing all state RERAs to grant a four-month extension in the registration and completion timelines of eligible real estate projects affected by supply-chain disruptions arising from the conflict in Middle East.According to news agency PTI, the ministry said the ongoing geopolitical situation has disrupted global supply chains, leading to…
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