The Kerala Real Estate Regulatory Authority (K-RERA) has given developers more time to register projects, given the COVID-19-related restrictions in the State.
As per a new directive from K-RERA, developers can apply for registration of ongoing real estate projects without penalty till August 31 this year.
Originally, all ongoing projects were to have been registered by March 31. The deadline had been extended to May 15 earlier.
Resubmission
Developers who have been asked to rectify errors and resubmit applications also have been given an extension. They should do so within three weeks of the date of resumption of public transport in the State.
The extension has been provided on the basis of various representations filed by bodies including the Builders Association of India and the Confederation of Real Estate Developers’ Associations of India (CREDAI), a K-RERA official said.
Although quite a few developers had applied for registration since January, K-RERA, the State-level regulator for real estate activities, had detected several anomalies in the applications. Developers had been given an opportunity to rectify the errors and submit their applications again.
In a May 8 order, the regulator noted that real estate operations are yet to achieve normalcy in the State due to the lockdown restrictions and suspension of public transport.
The pandemic and the consequent lockdown have taken a heavy toll on the real estate sector.
Halt in work
Following the lockdown, construction activities had ground to a halt on account of problems on the labour front and the disruption of the supply chain caused by the interstate travel restrictions.
Under the Real Estate (Regulation and Development) Act, 2016, passed by the Centre, all real estate projects and real estate agents are required to register with the State-level regulator concerned. So far, in Kerala, 45 ongoing and new real estate projects have been registered. More than 30 real estate agents also have registered with it since January.
