Extension Granted To The Real Estate Projects

The World Health Organization (WHO) on 11th March, 2020 labelled the outbreak of Novel Corona virus – COVID-19, a 'Pandemic' and called upon the Governments of all the countries to change the course of the outbreak by taking "urgent and aggressive action". Globally, Countries and their respective Governments are struggling to cope with the health and financial crisis caused by the rapid spread and outbreak of Novel Corona virus. Indian Government announced a complete lockdown of the entire nation for 21 days beginning from 24th March, 2020 to 14th April, 2020 which has now been further extended for 19 days i.e. upto 3rd May, 2020.

In view of the lockdown, the Reserve Bank of India ("RBI") on 27th March, 2020 announced the COVID-19 package with an intention to bring relief to the ailing financial sector. The real estate sector has been impacted as well with the tightened restrictions and the construction work of all the real estate projects has been severely affected