All quarterly returns have been extended till 7th July 20 20. Also projects with Quarter end upto 7th July 2020 have been extended till such date.
Further the quarterly update system has been changed from dynamic rolling quarters to fixed quarters. Hence, it appears that all projects will have due dates as 7th July, 7th October, 7th January and 7th April from now onwards. More clarity will come after roll out of GujRERA 2.0
Important announcements made by the Gujarat RERA Chairman, Dr. Amarjit Singh in the zoom meeting held today with CREDAI GIHED.
- Automatic 6 months extension to all projects with end date after 15-03-2020 without fees or application if same is approved by Ministry.
- Alteration application can be made without fees for reduction in blocks or floors as per Order 33 already issued
- All quarterly returns are extended to 7th July 2020 (Order is yet to be issued)
- CREDAI to act as a self regulatory body in coordination with Gujarat RERA Authority
- Relaxation on stringent registration requirements shall be granted for the next 3 months
Automatic 6 months Extension of projects due to ‘Force Majeure
- Projects with end dates after 25th Mar 2020 will be extended automatically by 6 months.
- If 6 months is not sufficient, projects with end date between 30th March 2020 to 30th September 2021* may apply for project extension for period upto further 1 year without paying any fee.
- The date of possession for Agreement for sale entered before 25th March 2020 where possession was required to be given on or after 25th March 2020 is extended by 6 months
- Allottee shall also be given extension in *payment terms* from 25th March to 30th September, if requested
Categories: Company formation in India, India Strategy, Indian Income Tax, International Tax, Transfer pricing
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