After a series of measures announced by FM to address the economic slowdown followed by RBI surplus transfer of funds, the government will announce a relief package for the real estate sector, under which a stress fund could be set up to help complete unfinished projects, said official sources. The announcements, which included dealing with liquidity problems and completion of stalled projects, formed the core agenda and are expected very shortly. The FM and real estate players had discussed ways to create demand in the country's realty market. The FM had said that the government would come up with "solutions" for stalled housing projects for stressed home buyers, and had announced more credit support to housing finance companies, and extended additional liquidity support to HFCs by the National Housing Bank, which has been increased from ₹20,000 crore to ₹30,000 crore. The government is also likely to make changes to the definition of 'affordable housing' as sought by developers so that more projects can come under the category. Developers and distressed home buyers had suggested to the government that a fund be set up for completion of stalled projects. The real estate sector was shocked when the National Housing Bank recently asked housing finance companies to stop funding under the subvention scheme. In a meeting with the FM, Niranjan Hiranandani, President, NAREDCO, pointed out that rationalization of taxes and resolution of the liquidity crisis would help the sector and infra development would get a boost, which would positively impact the economy in terms of GDP growth and job creation.
📅Published on:
29 August 2019
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