Union minister Hardeep Singh Puri on Wednesday said the government will soon issue an advisory to states about special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders.
In a statement, the Ministry of Housing and Urban Affairs (MoHUA) said COVID-19 has already disrupted construction activities due to reverse migration of labour at large-scale and disruption of supply chain of various construction material.
Several real estate projects have been affected due to the coronavirus-induced nationwide lockdown.
On Wednesday, an urgent meeting of the Central Advisory Council (CAC) constituted under the provisions of the Real Estate (Regulation and Development) Act, 2016 (RERA) was held.
The meeting was also attended by NITI Aayog CEO Amitabh Kant and ministry secretary Durga Shanker Mishra.
There was a demand for providing special relief for the real estate sector so that it is able to cope with adverse impact of the current crisis, it stated.
"The MoHUA will soon issue an advisory to all RERA/states about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders," Puri was quoted as saying in the statement.
After detailed deliberations, the Union minister assured all the participants that the matter will be considered keeping in view the interests of all stakeholders, it also stated.
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