real estate: Housing Minister says special advisory to save homebuyers’, realty stakeholders’ interest soon

MUMBAI: The government will soon issue an advisory to all real estate regulatory authorities and states about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders, said Housing and Urban Affairs Minister Hardeep Singh Puri.

In an urgent meeting of Central Advisory Council (CAC) constituted under the provisions of Real Estate (Regulation and Development) Act, 2016 (RERA), held on Wednesday through a webinar, Puri discussed the impact of the pandemic Covid-19 and consequent nationwide lockdown on the real estate sector and to treat it as an event of ‘Force Majeure’ under the provisions of RERA.

The virtual conference was attended by Amitabh Kant, CEO, NITI Aayog, Durga Shanker Mishra, Secretary, MOHUA, Sh A K Mendiratta, Secretary, Department of Legal Affairs; Principal Secretaries and Chairpersons of Real Estate Regulatory Authorities of several States, representatives of homebuyers, real estate developers, CREDAI, NAREDCO, Financial Institutions and other stakeholders.

The concerns of the real estate sector particularly the impact of the pandemic COVID-19 and consequent nationwide lockdown were deliberated in the meeting.

After detailed deliberations, the housing minister assured all the participants that the matter will be considered keeping in view the interests of all stakeholders.

There was a demand for providing special relief for the real estate sector so that the sector is able to cope up with adverse impact of the current crisis. COVID-19 has already disrupted construction activities due to reverse migration of labour at large scale and disruption of supply chain of various construction materials.

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