Tag: real estate projects

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Housing Ministry Suggests 4-Month RERA Extension for Projects Affected by West Asia Disruption

File Photo NEW DELHI: The Ministry of Housing and Urban Affairs (MoHUA) has recommended that state real estate regulatory authorities consider allowing a four-month extension for the registration and completion timelines of registered real estate projects impacted by the ongoing situation in West Asia. This advisory specifically pertains to projects whose completion date, revised completion date, or extended completion date is on or after February 28, 2026. MoHUA stated that it has received feedback from stakeholders in the real estate sector about the adverse effects of the West Asia situation on global supply chains, leading to shortages of construction materials…

IndustryLatest Stories

IBBI Aims to Simplify Real Estate Insolvency for Homebuyers

The bankruptcy regulator proposed several measures on Tuesday to streamline regulations and expedite insolvency processes in the real estate sector. This includes allowing the exclusion of completed or unaffected housing projects from the rescue procedure, pending agreement from financial creditors. In its discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) suggested safeguarding project-specific cash flows to prevent fund diversion. It aims to require resolution professionals to maintain project-specific financial records and ensure all transactions are conducted through designated bank accounts. Additional proposals include simplifying the handover process for homebuyers, creating a standardized claim form for real estate allottees,…