BAI has asked the government to hand over all projects under Slum Rehabilitation Act (SRA) and dilapidated buildings to a nodal agency for quick redevelopment.
The Builders’ Association of India (BAI), in consultation with Assocham, has recommended to the Centre for a one-time roll over of loans to developers to save the sector from the adverse impact of COVID-19.“The real estate sector in India has been one of the worst-affected sectors because of the pandemic,” BAI said in a statement.“The situation has come to the stage where bank finances have tightened as banks and NBFCs have almost halted funding. While NBFC started tightening funding after collapse of IL&FS, banks have also slowed down disbursal of funds for existing projects,” the statement said.“I was told that the proposal for one-time rollover had been accepted by the government which will be announced shortly. This will provide a fillip to the real estate sector in India,” Niranjan Hiranandani, MD, Hiranandani Developers Pvt. Ltd., and president, Naredco & Assocham said at a webinar organised by BAI on Friday.If India has to achieve $5 trillion economy, the government has to give impetus to the sector, he stressed.At the webinar, developers urged the government to make land available at affordable rates, and cut development fees and stamp duties for construction of affordable housing.BAI has asked the government to hand over all projects under Slum Rehabilitation Act (SRA) and dilapidated buildings to a nodal agency for quick redevelopment.Anand J. Gupta, Chairman, Housing and RERA Committee, BAI, said, “These projects should be put on contract basis to enable them complete in a time bound manner.
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