Housing Delay: The central government has recommended an additional four months for completion of some RERA-registered housing projects. Let's explore the impact this will have on homebuyers and builders.
There may be a delay in getting the house keys.
RERA Housing Projects: If you've booked a home in an under-construction project and are waiting to take possession of your new home, this news is extremely important for you. Recently, the central government recommended extending some housing projects registered under the Real Estate Regulatory Authority (RERA) across the country by up to four months for completion. This will give builders more time to complete projects, but at the same time, many homebuyers may face delays in receiving the keys to their new flats or houses.
The government says that due to ongoing tensions in West Asia and disruptions to global supply chains, many real estate projects are not being completed on schedule. Keeping this in mind, the government has decided to extend project deadlines.
Why were the project deadlines extended?
- The supply chain has been affected due to the ongoing conflict in West Asia.
- Problems have also increased in the availability of construction materials and equipment.
- The cost of transport and freight has also increased significantly.
- It has also affected the availability of cement, steel, aluminium and other essential materials.
- Considering these circumstances as extraordinary, the government has decided to provide relief.
Which projects will benefit?
This relief can be given to those RERA-registered projects:
- Whose original deadline is 28 February 2026 or later.
- Whose previously extended deadline is expiring on or after 28 February 2026.
- At the same time, those with eligible projects can be given an extra time of 4 months for one time.
Do builders have to apply?
This time, the central government has advised state RERA authorities to issue a uniform order for such projects. This will eliminate the need for builders to submit separate applications and simplify the process.
What will be the impact on home buyers?
- Many buyers may face a delay of up to a few months in getting possession.
- Housewarming, shifting from a rented house and other financial plans may also be affected.
- Those who had planned to leave their rented house may have to change their plans now.
What will be the impact on the real estate sector?
Experts say that if global tensions and supply chain problems persist, the cost of many construction materials, such as cement, steel, copper, and aluminum, could rise even higher than before. However, this rising cost could impact the construction of millions of homes that are waiting to receive the keys to their new homes.
