The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has announced that it will grant a nine-month additional extension to the registration of real estate projects whose original registration or extended registration is ending by December 31, 2021, in the Delhi NCR region. A six-month extension will be granted to projects in the non-NCR regions.
The decision has been made to facilitate the development of real estate projects which are stuck or have slowed down. The move will also help allottees of such projects to get the delivery of their houses within a reasonable period. UP-RERA has stated that the projects will be given extension subject to strict monitoring and certain conditions.
If the completion date of a project is beyond December 31, 2021, then the developer will be directed to expedite the development work and complete the project within the existing period of registration.
The authority will grant extensions on the application of the promoter which are accompanied by an affidavit that they will complete the project within this period of extended registration. The extension will be given to the promoter on the condition that they submit a prudent foolproof financial plan to complete the project.
In case the developer is not in a position to complete the project within the additional period of extended registration, then they would be required to enter into an agreement or MOU with the Association of Allottees (AOA). The developers are expected to approach the authority for additional time to complete the project by the terms and conditions decided between the AOA and the promoter. The authority will then take an appropriate decision to authorize the promoter to complete the remaining work of the project. UP-RERA stated that granting additional time to developers will help in the completion of projects for which homebuyers have been waiting for years.
