Puri holds meeting with stakeholders to 'revive' real estate sector

Union Housing and Urban Affairs Minister Hardeep Singh Puri convened a meeting today with all stakeholders to discuss several measures, including an effective implementation of the RERA, to "revive" the real estate sector.

The ministry sources said that in the meeting, a suggestion to create "stress assets fund" was discussed to complete the stalled projects of builders by providing last-mile funding to them.

Builders suggested reduction in the Goods and Services Tax (GST) as part of boosting the real estate sector, they said.

The meeting was initially scheduled to be chaired by Finance Minister Piyush Goyal at Rail Bhavan, but Puri presided over the meeting in his absence as Goyal had some work.

Representatives of the Finance Ministry, the Ministry of Housing and Urban Affairs (HUA), builders, NITI Aayog, banks, National Buildings Construction Corporation (NBCC) and other concerned departments attended the meeting.

"Today's meeting was to kickstart the discussion on how to revive real estate sector. Creation of stressed assets fund was discussed to complete stalled housing projects.

"Besides, the stakeholders stressed on effective implementation of the Real Estate (Regulation and Development) Act (RERA) to boost the sector," the sources said.

There are several housing projects in Noida and Greater Noida, which are stuck due to fund crunch.

The ministry is also considering a proposal to allow the NBCC to take over stalled projects and complete them.

The NBCC has suggested last-mile connectivity to housing projects of builders so that there is commercial activity to generate business in nearby areas, a source said, adding that another meeting will soon be held.