The good news is that the Indian home buyers do understand that the lockdown post the Coronavirus was neither in the hands of the builders nor could have been anticipated. They hence don’t object to the period of six months being declared to be Force Majeure. The bad news is that the home buyers across the country feel the government’s declaration of Force Majeure is not in accordance with the law of natural justice. Track2Realty Online Poll finds that the home buyers are demanding equal leeway in the housing market.
Browsing: Real Estate Force Majeure
The real estate developers had a sigh of relief when the Government of India heeded to their demands for declaring Coronavirus hit construction under Force Majeure. The Union Finance Minister Nirmala Sitharaman assured the sector to issue an advisory to States and Union Territories and their regulatory authorities to extend the registration and completion date Suo-Moto by six months for all registered projects expiring on or after March 25, 2020 without individual applications.
The habitual project delaying and absurd justifications of the builders in calling everything as Force Majeure has got another alibi – Corona. It has sparked a fresh debate within the built environment of the Indian real estate as to whether the Corona pandemic could be treated as Force Majeure in the sector.