BENGALURU: The Real Estate Regulatory Authority-Karnataka (Rera-K), has given a three-month extension for projects that were to be completed by March 15 but have been held up due to the lockdown.Builders had met with Rera officials in the first week of April to request an extension of the deadline as the construction industry has ground to a halt due the lockdown imposed to tackle the Covid-19 pandemic.
Vishnuvardhan Reddy, member of Rera-K told The New Indian Express that the decision was taken after assessing problems on the ground. “When the lockdown is lifted, builders might face problems in mobilising resources and immediately starting, so the Authority has extended the deadline only for projects which were to completed by March 15. In case there is an extension of lockdown, say till the end of April, even in that case the extension in time will work,” he said.
No extension will be given to projects that were recently launched and the completion date for which is about four-five years from now. Welcoming the decision, Kishore Jain, president, CREDAI Bengaluru said, “Supply chain disruption, migration of workers and other related issues have completely stalled construction in the state and have had an adverse impact on projects which were to be completed before March 15, 2020. The situation had developers worried as it is impossible to complete projects without labourers and raw materials. With the slowdown, expected recession, developers were worried about complying with Rera regulations.”
The decision would help developers plan for the next three months. However, they may need more extension as the labourers who have gone back to their home towns may not return immediately after the lockdown is lifted. By the time everything normalizes, the monsoons and festive seasons will start and it could hold them back in the villages, Jain added.