Major relief for Central agencies contractors, RERA timelines to be extended by 6-months

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.  

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