Special guidelines and regulatory measures for real estate sector including Real Estate Regulatory Act (RERA) would be soon issued to combat this crisis situation, said Durga Shanker Mishra, secretary, Housing and Urban Affairs.
“We are caught up in an unprecedented scenario that has captured the whole world in its grip. In these crucial times, we need to take up measures that would help us in reviving our economy & all industry & business sectors. We need to see through the situation for the long term benefit of our workers as well as the country,” he said.
Mishra was in discussion with Rajeev Talwar, chairman, Naredco, Niranjan Hiranandani, President, Naredco, Ashok Patni, Vice President (Central), NAREDCO and Parveen Jain, vice chairman, Naredco, among others.
The minister said that he held discussions with 2,600 real estate developers of the country today through a video conference.
“We discussed several issues that are prevalent during lockdown & measures being taken to overcome those issues. I thank all ministry officials as well as various developers & stakeholders who have come up as responsible citizens to guide their workforce & look after them properly,” added Mishra.
NAREDCO has sought $200 billion relief from the government to loosen the impact of COVID 19. It has also requested to suspend all NCLT activities for next 6 months. The idea is to provide a breathing space to companies who have faced huge losses due to rapidly decreasing stock prices, which has made high net worth companies prone to be taken over by foreign investors, the results of which can be devastating for India.
The realtor’s body has also suggested lifting the lockdown partially on construction site to continue the work while following all the guidelines given by the government to ensure safety of the people.