Many labourers had to face a horrid time in Delhi when the city faced a severe shortage of oxygen and hospital beds. The Delhi government has allowed construction activity from May 31 but most of the sites have been unable to resume operations.
In a letter to the finance minister, the industry body underscored the terrible market condition and requested policy decisions that would help revive the real estate sector.
“Existing project loans from banks and NBFCs has to be rescheduled irrespective of NPA status where the projects are commercially viable having positive net worth,” RK Arora, president, NAREDCO-UP has said in the letter.
New home sales in Delhi NCR, MMR mostly to end-users: experts ANI | Updated: Jun 01, 2021 17:40 IST
Mumbai (Maharashtra) [India], June 1 (ANI): Nearly 90 per cent of housing sales in Delhi NCR region and Mumbai Metropolitan Region (MMR) during July 2020 to March 2021 were to end-users and the rest to investors, a new report by Anarock says.
The Delhi NCR region witnessed 21,750 units being sold in the period while the MMR saw sales totalling 47,140 units.
Bottomed-out prices, stamp duty cut and low interest rates also encouraged size upgrades (from 1BHKs to 2BHKs/3BHKs) in MMR. The report said all-time best affordability drew more first-time homebuyers in the NCR.
Real estate developers in Uttar Pradesh are now seeking protection from insolvency proceedings for at least a year since the sector had been severely hit financially due to the pandemic.R.K. Arora, state president of National Real Estate .