Realty firm Gera Developments extends due dates for new bills, outstanding amounts

Our Bureau Pune | Updated on June 19, 2020

Seeking to ease the liquidity problems of customers during this Covid-19 pandemic, leading realty firm Gera Developments announced that it will not charge any interest or impose a penalty for payments due between March 15 and July 1 if they are delayed.

The company has also set the due date for all the new bills raised, on the basis of the construction milestone achieved on July 1.

Moreover, it will allow customers to withdraw part of the amount that they have already paid directly to the company while booking the properties.

Gera Developments has launched a new initiative “GERA® Customer Covid Assistance” — to help its property buyers during this unprecedented crisis. Gera Developments Chairman Kumar Gera has written to all customers, explaining the initiative taken by the company to support them in managing their cash flows during this pandemic.

Moratorium offered

The company has offered a moratorium on all outstanding amounts that are due between March 15 and July 1.

According to Section 18 of the Real Estate (Regulation and Development) Act, 2016, a builder is permitted to charge interest for delays on the due amount by the allottee at the prescribed rate, which is 2 per cent above State Bank of India’s marginal cost of lending rate (MCLR).

“We are reading reports of pay cuts and job losses across all sectors in the economy. People are concerned that they may face liquidity and cash flow problems be it corporate entities or at an individual level. Therefore, we have come out with this initiative to support customers in this hour of need,” Managing Director Rohit Gera said in a press statement. He hoped that these measures would ease the burden on customers and give them time to manage their finances.

Published on June 19, 2020

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