Regulatory Measures To Help Real Estate Sector Soon To Be Issued In The View Of Coronavirus

Coronavirus is rapidly spreading in the entire world. India too is in grasp of it and as a precautionary measure to contain its spread a nationwide 21 days lockdown has been imposed in the country. All economic operations have come to a standstill.

The real estate sector is badly affected as all construction and other activities has stopped. In this background, the government will soon issue guidelines and regulatory measures for the relief of real estate sector. Housing and Urban Affairs Secretary Durga Shanker Mishra gave this information. Mishra said that construction work in the real estate sector is closed due to the nationwide lockdown. In such a situation, the builders have been asked to help the labourers working on their sites during this crisis in terms of cash or kind.

Mishra said in several tweets that he has spoken to 2,600 leading real estate developers through video conferencing. These developers are members of NAREDCO, an association of real estate companies. He said that the issues faced during the lockdown and their solutions were discussed. 

Mishra said that an emergency has come which has taken the whole world under its control. In such times of crisis, we need to take measures so that our economy and all industries and business sectors can be revived. The Secretary said that at a time when all projects are temporarily stalled, the builders have been asked to focus on helping the workforce. 

He said that special guidelines and regulatory measures will be issued soon for all real estate sectors to get out of this crisis situation. He said that in this situation we will have to take such measures so that the country can benefit in the long term along with our workers. 

NAREDCO Chairman Rajeev Talwar, President Niranjan Hiranandani and Vice Chairman Praveen Jain attended the meeting through video conferencing. The chairman of NAREDCO Uttar Pradesh also attended the meeting. Real estate companies have sought help from the government to deal with the crisis. Sources said real estate companies have sought relief under RERA for one-time debt restructuring and extension of completion deadlines of projects. 

Cases in India rise to 6412; Death toll rise to 199

In India, the cases have increased to 6,412 on April 10. The Ministry of Health gave this information. In the data released on Friday, the ministry said that there have been 199 deaths due to Covid-19 infection in the country and a total of 5,709 people are currently infected with the epidemic. So far, 503 people have been fully recovered after treatment or have been discharged from the hospital. Of the 27 states and 9 union territories of the country, Maharashtra has reported the highest number of corona virus infections at 1,364. It is followed by Tamil Nadu at second place with 834 cases.

Globally the coronavirus cases has reached 16 lakh and death toll has crossed 95 thousand