Relief measures claim to benefit a lot of projects unhappy with the real estate sector

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Mumbai, Ta. September 17, 2019, Tuesday

The move by finance minister Nirmala Sitharaman last week to mobilize the country's real estate sector did not particularly hurt the real estate industry. Despite the announcement of measures for real estate, company stocks in the region have continued under pressure.

The finance minister has announced steps but projects in the National Capital Region (NCR) area have not been given special relief. Most of the properties under stress are located in this area. And many of these cases are currently being prosecuted at the National Company Law Tribunal.

In addition, no measures have been announced to increase sales in premium and luxury segments. In Mumbai and Delhi City, huge projects with such segments are under pressure.

"The number of projects that are stuck before the completion of 5 percent is too large, so the purpose with which the government has announced the release of funds will not be fruitful," said one of the officials of the Confederation of Real Estate Developers Association of India.

On Saturday, the government announced a special Rs 1 crore fund to accommodate projects that have completed 5 percent of the under-performing and mid-level stressors. It is estimated that this fund will go beyond the 5% of the 6 lakh Affordable Residences that are completed. While construction of 1.5 lakh dwellings has been delayed.

To complete this construction, a funding of Rs. In the seven metros of the country, 1.5 lakh premium and luxury residences were claimed to be suspended.

The total value of every real estate project that is halted and delayed is estimated to be around Rs. 5 trillion.


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