Housing Minister: Real Estate will soon get special regulatory measures to get restored the industry.

Special guidelines and legislative measures will soon be issued for the real estate industry, including the Real Estate Legislative Act (RERA), to counter this crisis, said Durga Shanker Mishra, Secretary, Housing and Urban Affairs.

“We are caught in an unimaginable scenario that has engulfed the whole world in its grip. In these critical days, we need to take action to help us restore our economies and all industries and business sectors. We need to look at the circumstance for the long-term benefit of both our workers and the country,” he said.

Mishra has been in discussion with, Rajeev Talwar, Chairman, Naredco, Niranjan Hiranandani, President, Naredco, Ashok Patni, Vice President (Central), NAREDCO and Parveen Jain, Vice President, Naredco, among others.

The minister said he was having discussions today via a video conference with 2,600 real estate developers throughout the country.

“We addressed some problems that are prominent during the lockdown and steps being taken to overcome those issues. I would like to thank all ministry officials and numerous developers and stakeholders who have come forward as responsible people to lead their workforce and look after them properly,” Mishra said.

NAREDCO has sought $200 billion through government relief to ease the COVID 19 impact. It has also demanded that all NCLT operations be stopped for the next six months. The aim is to have a breathing room for firms who have suffered massive losses owing to quickly falling stock prices, which has left high net worth businesses vulnerable to foreign investors taking control, the consequences of which may be disastrous for India.

The realtor’s body has also recommended partially lifting the lockdown on the construction site to start the work while observing all the guidance issued by the government to ensure people’s safety.