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<\/div>\n<\/div>\n<\/div>\nReal estate industry bodies CREDAI and NAREDCO on Saturday welcomed the Centre’s advisory asking state real estate regulators to extend project completion timelines by four months, saying the move would provide much-needed relief to developers grappling with shortages of construction materials caused by the ongoing conflict in Middle East.The industry bodies also urged state Real Estate Regulatory Authorities (RERAs) to implement the advisory at the earliest, arguing that the extension would help developers complete projects without compromising on quality while protecting the interests of homebuyers.<\/p>\n On Friday, the Union ministry of housing and urban affairs issued an advisory directing all state RERAs to grant a four-month extension in the registration and completion timelines of eligible real estate projects affected by supply-chain disruptions arising from the conflict in Middle East.According to news agency PTI, the ministry said the ongoing geopolitical situation has disrupted global supply chains, leading to shortages of construction materials and affecting the timely execution of real estate projects.The ministry invoked the Force Majeure provisions under the Real Estate (Regulation and Development) Act (RERA) and advised regulators to issue suitable orders extending project registration and completion deadlines by four months.The relief will apply to projects whose original, revised or already extended completion date falls on or after February 28, 2026.The ministry had received multiple representations from stakeholders in the real estate sector seeking regulatory relief in view of the delays caused by global supply-chain disruptions, PTI reported.<\/p>\n CREDAI president Shekhar Patel described the advisory as a positive step that aligns with the industry’s long-standing demand.“The ministry’s advisory recommending a four-month extension for eligible registered real estate projects is a positive step taken in line with the sector’s ask,” Patel said.He said the sector had been facing serious challenges due to disruptions in construction material supply chains and labour availability triggered by the war.“The recommended extension will help developers in aligning project completion timelines with the current market scenario while relieving them from the unnecessary burden on individual projects,” Patel added.<\/p>\n Pradeep Aggarwal, founder and chairman of Signature Global, said the conflict in Middle East had created unprecedented challenges for the real estate industry by affecting the availability of key construction materials.“By invoking the Force Majeure clause and granting a four-month extension, the Government has demonstrated remarkable foresight and a deep understanding of on-ground realities,” Aggarwal said.He added that the additional time would allow developers to manage shortages without compromising construction quality.<\/p>\n NAREDCO president Parveen Jain also welcomed the Centre’s decision, saying the geopolitical situation had significantly increased the cost and reduced the availability of construction materials, resulting in unavoidable project delays.“The ministry’s recognition of these extraordinary circumstances under the Force Majeure provisions of RERA is a balanced and much-needed step for the real estate sector,” Jain said.He urged all state RERAs to implement the advisory “in letter and spirit” without delay.According to Jain, extending project registration and completion timelines would not only provide relief to developers facing circumstances beyond their control but also safeguard homebuyers’ interests by ensuring projects are completed in an orderly manner.“At the same time, it will protect the interests of homebuyers by enabling projects to be completed in an orderly manner, avoiding unnecessary litigation and ensuring greater certainty for all stakeholders,” he said.<\/p>\n The Centre’s advisory comes as India’s real estate sector continues to face challenges from disruptions in global supply chains caused by the prolonged conflict in Middle East.Industry stakeholders have said shortages of essential construction materials and rising logistics costs have slowed project execution in recent months.By recommending a uniform four-month extension under Force Majeure provisions, the government aims to help developers manage delays while ensuring that eligible projects can be completed without additional regulatory hurdles.<\/div>\n File photo: Govt advises State RERAs to grant 4-month extension for real estate projects hit by West Asia crisis Real estate industry bodies CREDAI and NAREDCO on Saturday welcomed the Centre’s advisory asking state real estate regulators to extend project completion timelines by four months, saying the move would provide much-needed relief to developers grappling 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photo: Govt advises State RERAs to grant 4-month extension for real estate projects hit by West Asia crisis Real estate industry bodies CREDAI and NAREDCO on Saturday welcomed the Centre’s advisory asking state real estate regulators to extend project completion timelines by four months, saying the move would provide much-needed relief to developers grappling […]","magazineBlocksPostCategories":["\u0b26\u0b47\u0b36 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cites Middle East disruptions<\/b><\/h2>\n<\/p>\n
CREDAI calls move timely<\/b><\/h2>\n<\/p>\n
Developers say extension will ease pressure<\/b><\/h2>\n<\/p>\n
NAREDCO seeks quick implementation<\/b><\/h2>\n<\/p>\n
Relief aimed at easing supply-chain impact<\/b><\/h2>\n<\/p>\n
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