Union Housing And Urban Affairs Secretary Has Expressed His Opinion About More Relief For Realty Sector

The real estate sector can expect more relief and revival measures in the wake of the Covid-19 pandemic, Union housing and urban affairs secretary Durga Shankar Mishra said on Friday. He was delivering the keynote address at a webinar, organised by the Kerala state council of the Federation of Indian Chambers of Commerce and Industry (Ficci) to discuss the issues confronting the real estate, housing and construction sector following the virus outbreak.

Mishra said steps would be taken to speedily implement the RBI’s packages and credit facilities. He urged the real estate community to resume construction as soon as possible utilising the benefits of the packages announced by the Centre and the RBI. He assured that the government would provide the necessary support to address all pending issues arising out of Covid-19 to bring back growth.

PH Kurian, chairman of RERA, Kerala, announced that the concessions would be announced for projects registered with the Real Estate Regulatory Authority (RERA). The RERA would consider allotting more time to pay for projects currently under construction without penalty. Kurian said all the builders in Kerala should register their projects with the RERA.

The state government has already initiated steps to ensure the availability of construction materials and labour for the construction sector, special secretary LSGD K Biju said. The government estimates that 30% of workers from other states will remain in Kerala even after the lockdown. Precautions have been taken to prevent supply chain disruption as there is a special situation in Kerala where many construction equipment need to be sourced from other states.

(Source: Financial Express)