Lockdown: Govt to soon issue guidelines for real estate sector

The government will soon issue guidelines and regulatory measures to help the real estate sector in dealing with the crisis triggered by the Covid-19 outbreak, Housing and Urban Affairs Secretary Durga Shanker Mishra said on Wednesday.

With construction work on projects suspended because of the nationwide lockdown, he asked builders to help the labourers working on their sites.

In a series of tweets, the secretary said he held discussions with 2,600 leading real estate developers through a video conference. These developers are part of realtors' body Naredco.

He said several issues were discussed that are prevalent during the lockdown, and measures being taken to overcome those issues.

"We are caught up in an unprecedented scenario that has captured the whole world in its grip. In these crucial times, we need to take up measures that would help us in reviving our economy & all industry & business sectors," Mishra tweeted.

The secretary said he asked all real estate developers to pay special attention to their labour force and workmen in this time when the projects have been temporarily suspended.

"Special guidelines & regulatory measures for all real estate sectors including RERA would be soon issued to combat this crisis situation. We need to see through the situation for the long term benefit of our workers as well as the country," he said.

Naredco Chairman Rajeev Talwar, President Niranjan Hiranandani and Vice Chairman Parveen Jain were part of the meeting. Naredco-Uttar Pradesh President R K Arora also took part in the deliberations.

Real estate developers sought help from the government to tide over this crisis.

They asked for one-time debt restructuring, and also relief from regulatory authorities under RERA in extending the deadline for completion of their projects, sources said.