As a major population has accepted lockdown to tackle COVID19 issues in our country and social media and TV news they are constantly flooded with news related to CORONA. We are already in a panic state with economic crises caused due to this lockdown. This crisis has affected all business sectors around the globe and the same can be seen in our day to day work process.
Real Estate is one in the top of the affected sectors list. Corona has affected the real estate industry as most of the upcoming projects are stopped. It is said by many developers that corona lockdown has resulted in delays of projects so it should fall under the category of force majeure. Force majeure is for any delay in completing a contract that is caused due to unexpected situations. But Since MAHARERA applied in the state, every dedicated developer of any project to sell apartments all over maharashtra is registered under MahaRERA and while registering completion date was submitted. But now due to these crisis situations, meeting the completion date of the project is gonna be difficult for the builders.
In this present situation, most of the developers are worried about delay in projects as they have to update their project possession dates. So they are expecting that MahaRERA will deal with a plea of force majeure for delay that is occured due to this lockdown and they get required extensions.
According to the 3BRICK.com team, there are now plenty of real estate projects delayed due to coronavirus lockdown and as per other sources, if project work is stopped for one month then the project would be delayed by at least 45 days.
25,356 - number of projects attempted registration
25,060 - number of projects successfully registered
05,280 - number of projects completed successfully
As a result, around 25k projects are ongoing from above analysis and the projects that are under construction will be badly affected.
According to Vijay Jamdar (Business Head and Founder of 3BRICK.com), Delay caused might come under force majeure. Due to this lockdown as maximum number of workers are returning back to their native places, the material shops of construction are also closed. Hence, as per the RERA guidelines, this delay situation might come under force majeure.