Builders have a huge list of demand that they expect the FM to announce too. The community has welcomed the measures announced on Wednesday by FM.
By Varun Singh
The builder community is expecting more from the Finance Minister, Nirmal Sitharaman in the forthcoming packages she will be announcing.
After PM Narendra Modi’s speech on Tuesday declaring a total of Rs 20 lakh crore worth package to boos the economy.
FM has already announced a slew of measures to be taken to bring the economy back on track. This even included extension of six months for projects registered with RERA in different states. The builder community is quite happy with this move of the FM.
However, they have further list of demands that they want the FM to pay heed to.
CREDAI’s National Spokesperson said, “The Declaration of Covid 19 as Force Majure, extension of time lines for completion of project under the RERA, are crucial announcements for the developer community.”
CREDAI further stated that they are hopeful that the Finance Minister will soon announce other necessary measures too.
These measures are infusion of liquidity, de-cartelization of cement prices, restoration of supply chain to ease construction on the project sites and help uplift the demand by giving more sops to homebuyers by increasing the tax deduction limits for interest on home loans, thus help the sector regain momentum which remains the second largest employer.
Dr. Niranjan Hiranandani – National President – NAREDCO says, “Industry is pegging a big hope on much awaited fiscal relief to be granted to the second largest employment generating sector. Liquidity infusion will be imperative to turn around the depressed scenario of the sector.”
Builders want specific steps from FM for infusion of liquidity in the sector. Amit Modi, Director ABA Corp & President Elect CREDAI Western UP, said, “We still feel that specific steps required for liquidity generation in the Real Estate Sector is the real need of the hour.”
Builders even want government to find out ways on re-starting of construction activities in non containment zones. Manju Yagnik, Vice Chairperson, Nahar Group and Vice President NAREDCO (Maharashtra) says, “If the Government works out ways to iron out issues with respect to restarting construction in non-containment zones with necessary precaution and supply – chain, it will help the sector in a big way.”
Some builders feel reduced interest rates on home loans will encourage home buyers to invest in real estate.
Surendra Hiranandani, Chairman and Managing Director, House of Hiranandani said, “During the lockdown, the construction industry has nearly come to a standstill thus negating the green shoots that had just begun appearing prior the pandemic came to the fore. In order to tackle the subdued demand from home buyers during and post COVID-19, reduction in interest rates on home loans will encourage fence-sitters to act quickly to invest in a property.
Also Read: FM Throws Lifelines to Real Estate
