COVID-19 relief: Real Estate sector welcomes the Finance Minister’s announcement

The recent announcements made by FM Nirmala Sitharaman under the Self- Reliant India Movement have eased the developments for the real estate sector in coming months which will certainly help the sector a bit but the need of the hour is the relief package that is required to smoothen the functioning which got it by COVID.

FM announced a slew of measures covering a number of sectors and sub-sectors. For the real estate sector, the finance minister said the government, particularly the Urban Development ministry would write to the various state governments and the Union Territories requesting an extension in the timeline for project completions and registration by up to 6 months. The FM also said that the Covid-19 pandemic should be treated as an event of ‘Force Majeure’ under RERA.

Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, ASSOCHAM National Council on Real estate, Housing and Urban Development said, “The relief provided to the common man under EPF will help the affordable segment a great deal. The buyers of affordable homes falling in this category will be elated to get extra money at their disposal. The COVID-19 situation has made everyone realise the importance of making safe investments and having a roof on one’s head. With extra disposable income, these beneficiaries of the announcement made by the FM will go for buying real estate assets. Other announcements regarding extending the timelines under RERA authority will help a great deal in providing relief as buyers will understand the reason behind delivery date extension.

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