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At the press conference on Wednesday afternoon the Union Finance Minister Nirmala Sitharaman to explain the details of the economic stimulus of Rs 20 lakhs crore announced by Prime Minister Narendra Modi, said the pandemic period COVID-19 will be treated as “force majeure” “for real estate projects.
“The Ministry of Housing and Urban Development will issue notices to the States / Territories of the Union to order the regulatory authorities to treat the period” COVID-19 “as” Fuerza Majuere “for real estate projects,” said the minister.
the registration and end date for all registered projects that expire from March 25, 2020 it can be suo moto extended for six months even without any individual application. New project registration certificates will be automatically issued with revised deadlines.
Regulatory authorities can extend this period for another 3 months. The terms for various compliance under the Real Estate Development and Regulation Law will also be extended simultaneously.
“These measures will de-stress real estate developers and guarantee the completion of projects so that buyers can receive their reserved homes within the new deadlines,” the minister said.
Government contracts will run for six months.
All agencies of the Government of India such as Railways, CPWD, Highway Authority, etc. They will grant a 6-month extension at no cost to contractors. It may take an additional 6 months to fulfill contractual obligations. Government agencies will partially release bank guarantees to the extent of completed contract work, to increase cash flow for contractors.
The minister also added that the global tender will not be allowed for government purchases of up to Rs 200 million, to give a boost to local contractors.
Also read: TDS / TCS Rate Reduction; Term extensions; Faster Refunds: Fiscal measures announced by FM as relief from COVID-19
PF contribution for employers and employees reduced from 12% to 10%; Definition of MSMEs: announcements from the Ministry of Finance
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