The lockdown to prevent the spread of the coronavirus has hit the real-estate hard as all activities come to a standstill. Though some of the restrictions were eased on April 20 and then May 3, in large parts of the country movement of people, remains restricted. As real estate is one the most impacted sectors by the lockdown, lack of availability of finance and slowdown in the economy, stalled affordable housing projects receive funding via double special window of Rs 50,000 crore.
Recommended of Rs 11000-crore package for waiving interest on home loans is also there for three months for projects under the Pradhan Mantri Awas Yojana (PMAY). PMAY has set a target of providing houses to urban poor by building 20 million affordable units by March 31, 2022. As per the report, construction accounts for 11-per cent share in GDP and 11.8-per cent share in employment and real estate & ownership of dwellings account for another 7-per cent share in GDP and 0.2-per cent share in employment.
Mr. Pradeep Aggarwal, Founder & Chairman –Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development said, “Announcement calls for celebration as now the buyers will get the property which they were waiting for and that too in this pandemic situation. Since realty sector is facing a lot of difficulties, these measures would help unlock capital for the sector.