NAREDCO writes to finance ministry for suspension of IBC
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NAREDCO as a representative body of real estate developers had taken up the matter with the Finance Ministry, seeking adequate relief measures so as to revive the economy as a whole and real estate sector in particular.
Agencies
Large number of employees and others associated with construction activities became COVID positive and lost their lives recently.
The National Real Estate Development Council (NAREDCO) has requested the Ministry of Finance and Corporate Affairs for suspension of IBC provisions for one year to protect the corporate entities considering the unprecedented second wave of COVID19.
The association has also requested the state government to permit extended completion time of projects without cost treating the disruption period force majeure, and other reliefs to mitigate the problems in completing construction and handing over possession of flats.
Realtors expect improved housing demand on Akshaya Tritiya amid Covid woes
By IANS |
Published on
Tue, May 11 2021 12:18 IST |
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Work from home impacts real estate and housing choices.. Image Source: IANS News
New Delhi, May 11 : At a time when the severe second wave of Covid-19 and lockdowns have halted economic activities, developers expect that the traditional housing demand during Akshaya Tritiya would somewhat lift the spirits in the market and improve sales.
The occasion is considered to be auspicious for buying homes.
Niranjan Hiranandani, President, National Real Estate Development Council (NAREDCO) said: The festive day of Akshaya Tritiya traditionally, is an auspicious day for home buying. This year too we expect smart home buyers to take advantage of both aspects the festive fervour and aspect of making one s dream home a reality.
Silence over sops for middle-income housing surprises real estate sector
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In a bid to boost demand for real estate and construction activity, the government had extended the benefit of the Credit Linked Subsidy Scheme (CLSS) by a year to March end. There’s been no intimation on a further extension of the scheme, which may end up hurting PM Modi’s objective of Housing for All by 2022, apart from hitting the economy.
The government’s silence on extending a subsidy scheme for the middle-income group under the Pradhan Mantri Awas Yojna beyond March 2021 has surprised potential homebuyers, experts and industry stakeholders.
Industrialised states like Maharashtra, Gujarat and Delhi have been the most affected in the second Covid wave, resulting in large-scale migration of labour and posing a bumpy road ahead for businesses