Finance Minister Nirmala Sitharaman met realtors to discuss the demand in the country’s realty market. Over which the realtors suggested to create a stress fund that can be used to complete stalled projects.
However, this proposal was earlier tabled by the homebuyers in a separate meeting that held with the Finance minister recently.
Niranjan Hiranandani, the President of National Real Estate Development Council (NAREDCO), informed that the ways to use stress funds to provide financial aid for the stalled projects was discussed in the meeting.
He also pointed out at the meeting that rationalization of taxes and resolution of the liquidity crisis would be highly beneficial to the realty market as all this will result positively and it will reflect in GDP growth and job creation.
Jaxay Shah, President of CREDAI, informed about suggesting the inclusion of financial institutions under the ambit of the Real Estate Regulatory Act (RERA) for the completion of projects. He also said that all the suggestions were heard by the Finance Minister, Minister of State for Finance Anurag Thakur and Hardeep Singh Puri, the Minister for Housing and Urban Affairs for the revival of Indian realty sector.
Shah was quoted saying that the meeting indicates the sense of earnestness and urgency. On behalf of CREDAI, we hope to have succeeded in highlighting the urgency to ease the liquidity constraint in the interest of timely delivery to home buyers. CREDAI also argued in favour of RERA being given due recognition in resolution of legacy issues.
Apart from these issues, ways to promote rental housing in the country was also discussed.
Prior to this, the homebuyers also met with the Union Finance Minister and discussed the issued they are facing such as the completion of stalled projects. The home buyers’ association, Forum For People’s Collective Efforts (FPCE), wrote a letter to FM Nirmala Sitharaman that stated a stress fund of minimum Rs.10,000 crore can resolve the issue of stalled projects.
In the letter, the homebuyers association also wrote that we should aim completion of all stalled projects across India in the next five years by offering five years with the help of stress fund.