Home buyer’s body ask for withdrawal of extended construction timelines

Homebuyers’ body FPCE strongly objected extension that was given by Maharashtra, Uttar Pradesh & Karnataka’s real estate regulators for the completion of projects, publishing that this will put flat owners under financial stress.

The Forum for People’s Collective Efforts came forward and has written to Housing and Urban Affairs Secretary Durga Shanker Mishra, demanding the Centre to negotiate in this circumstance and direct the three states to roll back their decisions.

FPCE president Abhay Kumar Upadhyay said that RERA authorities of Maharashtra, UP and Karnataka have “arbitrarily” extended registration of real estate projects and given more time for completion.

In the letter, FPCE said that the Union housing ministry last year provided extension of 6 months to realty projects across the country, with an option for a supplementary extension of 3 months provided to State RERA Authorities.

It was done via Central Advisory Council under RERA with the objective of giving relief to builders during the COVID pandemic, it added.

“This was aimed at scuttling homebuyer’s rights enshrined under RERA to get their homes on time,” said, Upadhyay who is a member of the CAC.

“It is also pertinent to mention that the CAC has not met since, possibly because the mantle to give relief to builders has been handed over to the RERA Authorities in the States,….

“….and as an unwritten rule homebuyer’s agenda is not considered to be worth taking up for consideration by the CAC, which certainly smacks of pro builder bias,” the letter said.

FPCE said that “Maharashtra, UP and Karnataka have recklessly, in blatant disregard to homebuyer rights, given another extension to the real estate projects under the garb of Covid-19 second wave.”

As per the home buyers’ body, the immediate repercussion of this suspension will be necessary. It said, “now assuming extended timeline is honoured, which also is certainly a very high hope considering the reputation of builders in our country”.

“Home buyers will have to continue paying EMI and rent for extended periods despite facing acute hardship due to job losses and pay cuts. Home buyer will also not be able to get any corresponding relief either in the form of any additional tax relief or relief from payment of EMI or rent,”. Also adding that extensions like these are bound to create devastation and unusual financial stress on the home buyers.

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