CREDAI seeks waiver to help realty sector

CREDAI seeks waiver to help realty sector

Tribune News Service

Chandigarh, March 30

With the realty sector facing unprecedented losses due to Covid, the Haryana zonal chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI) has appealed to the state government to allow relaxation in rules and regulations for developers.

“The real estate sector contributes to 10 per cent of the national GDP and is the second-largest employer in the country. Due to this pandemic, the real estate industry will be drastically impacted. We believe that relaxations will be in the larger interests of not only of the sector, but all stakeholders. In the absence of relaxations, the real estate industry will hit an all-time low and suffer irreparable damage,” said Kushagr Ansal, president of CREDAI Haryana.

“Due to this pandemic, committed financial inflows as well as finances through sales are gravely impacted at this initial stage itself. Developers perceive finances from various financial institutions, including banks and NBFCs, to remain negligible due to this pandemic. This will lead to a serious liquidity crunch in the coming months, which in turn will hamper project finances and impact work at projects in the coming months,” he added.

Top Stories

Actor Mithun Chakraborty joins BJP ahead of PM’s rally in Kolkata

Actor Mithun Chakraborty joins BJP ahead of PM’s rally in Kolkata

PM Modi is expected to arrive at iconic Brigade Parade Groun...

Paris-New Delhi flight makes emergency landing in Bulgaria as Indian passenger assaults flight attendant

Paris-New Delhi flight makes emergency landing in Bulgaria as Indian passenger assaults flight attendant

Indian Embassy in Sofia notified of the incident, says repor...

Hisar farmer ends life by hanging from tree at Tikri border, blames three farm laws

Hisar farmer ends life by hanging from tree at Tikri border, blames three farm laws

Rajbir called upon the farmers to go back home only after la...

Farmers’ agitation: BKU to reveal agenda on March 11; plans to expand movement to more states

Farmers’ agitation: BKU to reveal agenda on March 11; plans to expand movement to more states

Movement to expand to West Bengal, Madhya Pradesh, Karnataka...

168 Rohingya living illegally in Jammu sent to jail, say officials

168 Rohingya living illegally in Jammu sent to jail, say officials

The Rohingyas are a Bengali-dialect speaking Muslim minority...

Cities

View All