Real Estate Players Hope For Relief Package As Lockdown Extended

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Real Estate Players Hope For Relief Package As Lockdown Extended
Vishav - 15 April 2020

With the government extending the nationwide lockdown till May 3, there is no denying its detrimental impact on the economy -- something that even Prime Minister Narendra Modi admitted in his speech as he announced the extension. However, with the risk of the spread of the coronavirus still high, industry leaders seem to be on the same page on the tough decision to extend the lockdown by another 19 days.

The real estate sector is also facing tough times due to the lockdown and industry experts believe that to curb its impact, the government should come up with some kind of a relief package for the sector.

According to Pradeep Aggarwal, Founder and Chairman, Signature Global Group, the extension of lockdown was unavoidavle.

"We know that the poor people will face many difficulties but this time will pass soon. We are hopeful that after a review meeting on April 20, work at the construction sites will be started," he said.

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said while it was the right decision to extend the lock-down, it is quite obvious that this will have a further adverse impact on the economy that is already under severe stress.

"We sincerely hope that the government will, at the earliest, announce a relief package for businesses, many of which are struggling to stay afloat with revenues coming to a virtual standstill," he added.

Amit Modi, Director, ABA Corp, said everyone should work towards making sure that optimum environment is created towards relaxation of the lockdown by April 20 and hoped that relaxation guidelines would include a go ahead for starting construction activities at real estate sites for private commercial and residential projects, just like UP government has done for the labour at government owned construction projects sites across the state.

"This resumption of activity with strict social distancing guidelines and other safety aspects, will not only put a sudden stop to the reverse migration issues faced by businesses across the nation, in addition will also help in commencement of economic activity and employment opportunity for millions of daily wagers across the country, lastly and most importantly the relaxation will also help in controlling the already delayed delivery timelines to homebuyers across the country.

To curb the impact of the lockdown measures, Deepak Kapoor, Director, Gulshan Homz, suggested that the government must announce one-time restructuring of loans and extend the moratorium on loans to at least six months, which currently is for three months.
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