The extension of deadlines for various designated areas schemes has been welcomed by the Construction Industry Federation (CIF) which says it will give builders more time to finish developments.

The proposals, contained in the Budget, have also been welcomed by estate agents, who say that purchasers, ultimately, will benefit from the extension as many schemes will qualify for more tax relief than might otherwise have been the case. Schemes whose deadlines were extended by six to eight months include the general urban renewal schemes (for residential schemes), the Temple Bar scheme and the designated seaside resorts scheme.

Mr Ken McDonald, of agents Hooke & McDonald, said the extensions would mean builders would not be under as much pressure. Mr McDonald, who estimated that around 25 projects, mainly in Dublin, would be affected, stressed that it would not mean other people could get schemes under way. Mr Michael Goggins, of the CIF, said his organisation had pushed for the schemes' cut-off dates to be extended. He said the CIF had been concerned that issues of health and safety could arise where builders were under extreme pressure to finish certain developments.