Major relief for Central agencies contractors, RERA timelines to be extended by 6-months

In a major relief to contractors, Finance Minister Nirmala Sitharaman on Wednesday anunced that all central ncies will provide an extension of up to 6 months to contactors without levying any ditional cost or obligation on m for completion of work. This extension will cover all central ncies like-- Railways, Ministry of Ro Transport & Highways, Central Public Works Dept, etc.  government ncies will also partially release bank guarantees so that contracts can be partially completed and to cash flows can be eased.

An extension period for Registration and completion of real estate projects under RERA has also been anunced by Finance Minister keeping in mind projects defaulting timings. registration and completion date of RERA projects can be extended suo-motto by 6 months for projects expiring on or after March 25, said Sitharaman. This can be extened by ar 3 months if needed.  

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