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Revival of Real Estate post Covid 19

Revival of Real Estate post Covid 19

The Central government recently announced the list of economic activities that will be permitted in certain areas post-April 20th. This has been allowed bearing in mind the interest of daily wage earners. Keeping this in view CREDAI NATIONAL and FICCI, today organized an interactive session to discuss the immediate measures for ‘Revival of Real Estate post-COVID-19’.

The session was embraced by Sh. Hardeep Singh Puri (Hon’ble Minister of State (IC) for Housing & Urban Affairs and Civil Aviation), Sh. Durga Shanker Mishra (Secretary, Ministry of Housing & Urban Affairs) along with members from CREDAI National and FICCI.

The Hon’ble minister thanked CREDAI and FICCI members for supporting the government in this critical time and by providing safe shelters, daily meals and ensuring health and hygiene of construction workers. The minister reassured that the timely measures will be taken by the government to provide immediate relief for the real estate sector and requested the members to share their recommendations which can help the sector in dealing with the current crisis.

During the session, Shri, Durga Shanker Mishra, urged the stakeholders to follow strict guidelines after resuming the work on construction sites from 20th April.

Guidelines as follows:

  1. All developers should brief their staff about health and hygiene practices regularly
  2. Proper provision of thermal scanning should be ensured at sites
  3. Workers should not be allowed to work without face masks
  4. All construction material should be effectively sanitized for at least 24 hours
  5. Activity around the containment areas should not be allowed
  6. All workers and stakeholders  should have access to ‘Aarogya Setu App or its  information’

CREDAI to make representations covering:

  1. Restructuring of all loans by 12 months
  2. FDI investment in ready/ nearly ready inventory or  property
  3. Subvention schemes to be allowed by NHB & RBI
  4. ITC on GST to be brought back
  5. Directive to all states ULB, SEAC etc for extension of validity of all approvals by 12 months Suo motto.
  6. Action against any industry which is threatening price increase in construction materials post covid 19.
  7. Directives to reduce stamp duty by 50% for the next 9 months
  8. Increase the limit of affordable housing from Rs. 45 lakhs to Rs. 75 lakhs
  9. Hedging cost to be absorbed by GOI

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