The government will soon issue guidelines and regulatory measures for the relief of the real estate sector amid the coronavirus epidemic crisis. Housing and Urban Affairs Secretary, Mr. Durga Shankar Mishra gave this information. In this context, Mishra said that construction work in the real estate sector is closed due to nationwide closure.
In such a situation, the builders have been asked to help the laborers working on their sites during this crisis. Mishra said in a tweet that he has spoken to 2,600 leading real estate developers through video conferencing. These developers are members of NAREDCO, an association of real estate companies. He said that the issues faced during the lockdown and their solutions to the discussion were discussed. Mishra said that an emergency has come which has taken the whole world under its control.
We need to take such measures in times of such crisis so that the whole economy and all industry and business sectors can be revived. The Secretary said that at a time when all projects are temporarily stalled, the builders have been asked to focus on helping the workforce. He said that special guidelines and regulatory measures will be issued soon for all real estate sectors to get out of this crisis situation. He said that we have to take such measures in this situation NAREDCO Chairman, Rajiv Talwar, Chairman Niranjan Hiranandani and Vice Chairman Praveen Jain attended the meeting through video conferencing.
The chairman of NAREDCO, Uttar Pradesh also attended the meeting. Real estate companies have sought help from the government to deal with the crisis. Sources said the real estate companies have sought relief under RERA for one-time debt restructuring and extension of time for completion of projects.