In a major relief to contractors, Finance Minister Nirmala Sitharaman on Wednesday announced that all central agencies will provide an extension of up to 6 months to contactors without levying any additional cost or obligation on them for completion of work. This extension will cover all central agencies like-- Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc. The government agencies will also partially release bank guarantees so that contracts can be partially completed and to cash flows can be eased.
An extension period for Registration and completion of real estate projects under RERA has also been announced by the Finance Minister keeping in mind projects defaulting timings. The registration and completion date of RERA projects can be extended suo-motto by 6 months for projects expiring on or after March 25, said Sitharaman. This can be extened by another 3 months if needed.
In a major relief to contractors, all Central agencies to provide an extension of up to 6 months, without cost to contractor, to obligations like completion of work covering construction and goods and services contracts. #AatmaNirbharBharatAbhiyan pic.twitter.com/bR2CShuddl— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020
Ministry of Housing to advise States/UTs &their Regulatory Authorities to extend registration&completion date suo-moto by 6mnts for all registered projects expiring on or after 25Mar,2020 without individual applications.Treat COVID-19 as an event of 'Force Majeure' under RERA:FM pic.twitter.com/FkocypN8D8— ANI (@ANI) May 13, 2020