New Delhi: Real estate industry body NAREDCO has appealed to the govrnemnt to provide a USD 200 billion relief package to tide over the current distress in the economy amid corona virus outbreak.
The industry body has also requested the government to suspend all NCLT activities for the coming 6 months in view of the downfall of the economy of India.
NAREDCO has also appealed to the government to loo at problems of specifically of real estate and construction companies as the sector accounts for 6-7 percent of the GDP and employes about 10-11 percet of the population.
“Country’s economy is under tremendous pressure owing to exponential losses across sectors. Real estate has been under consistent stress with rising unsold inventories, liquidity crunch and now with COVID-19. As a body we urge the government to come up with an economic relief package keeping in mind the current status of the real estate,” said Niranjan Hiranandani, National President, NAREDCO.
“During these unprecedented times, a unity amongst the people is visible to tackle COVID 19. We urge the government to provide us with a stimulus package to deal the current situation while we take care of our labor force to ensure that their health and safety is not compromised,” said Rajeev Talwar, Chairman NAREDCO.
The lockdown has impacted the construction sector in a big way. While certain laborers have remained at the construction site, there are a number of them who have gone way to their respective towns and villages. Extension of the current lockdown may have a big impact and present a huge challenge of re-acquiring labor force. This will further delay the construction of the real estate projects and real estate developers will have to bear major losses. To ease this challenging situation, NAREDCO has requested lifting the current lockdown partially for construction sites.