Govt to issue advisory to protect interest of homebuyers, real estate sector

By: |
April 30, 2020 5:30 AM

The decision was made on Wednesday at a meeting of the Central Advisory Council (CAC), which is constituted under provisions of Real Estate (Regulation and Development) Act, 2016 (RERA).

The concerns of the real estate sector, particularly impact of the pandemic and following lockdown, were deliberated in the meeting. (Representative image)The concerns of the real estate sector, particularly impact of the pandemic and following lockdown, were deliberated in the meeting. (Representative image)

The ministry of housing and urban development (MoHUA) will soon issue an advisory to state governments and respective RERA authorities on the measures required to protect the interest of homebuyers as well as the real estate sector.

The decision was made on Wednesday at a meeting of the Central Advisory Council (CAC), which is constituted under provisions of Real Estate (Regulation and Development) Act, 2016 (RERA). The meeting was held to discuss impact of Covid-19 and the consequent nationwide lockdown on real estate sector and to treat it as an event of ‘Force Majeure’ under the provisions of RERA.

Besides MoHUA minister Hardeep Singh Puri, the meeting was attended by Niti Aayog CEO Amitabh Kant, MoHUA secretary Durga Shanker Mishra, Law secretary Anoop Kumar Mendiratta, state principal secretaries, state RERA chiefs, representatives of homebuyers, real estate developers and industry bodies like, Credai and Naredco.

“After detailed deliberations, Puri assured all participants that the matter will be considered keeping in view the interests of all stakeholders. He further said that MoHUA will soon issue an advisory to all RERA/states about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders,” MoHUA said.

The concerns of the real estate sector, particularly impact of the pandemic and following lockdown, were deliberated in the meeting. There was a demand for providing special relief for the sector so that it is able to cope up with adverse impact of the crisis. Covid-19 has already disrupted construction activities due to reverse migration of labour at a large scale and disruption of supply chain of various construction materials, it added.

Puri also appreciated the role played by industry associations and stakeholders in providing food, shelter, medical facilities and wages to their workers during this crisis as well as regulatory authorities for providing full support and assistance to the industry.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Elon Musk next Steve Jobs? Bill Gates explain why you shouldn’t confuse them with each other
2Corp Affairs Min plans corporate profiling, behaviour analysis to identify non-compliant entities
3‘Google forced Paytm to roll back cashback campaign which is legal in India’