Housing Ministry to issue advisory to save interest of homebuyers, real estate stakeholders

The Ministry of Housing & Urban Affairs is expected to issue an advisory soon on special measures to save the interest of homebuyers and the concerned stakeholders from the real estate sector. The information was shared by Housing & Urban Affairs Minister Hardeep S Puri after a meeting on April 29, 2020. 

An urgent meeting of the central advisory council was called on April 29 to discuss the impact of coronavirus pandemic and the subsequent nationwide lockdown on the real estate sector. The meeting was conducted through a webinar.

The participants included NITI Aayog CEO Amitabh Kant, MOHUA Secretary Durga Shanker Mishra, Department of Legal Affairs A K Mendiratta, Principal Secretaries and Chairperson of Real Estate Regulatory Authorities of states, real esate developers and agents, representatives of representatives and various other stakeholders and financial institutions. 

Key Highlights 

• During the meeting, all the concerns of the real estate sector, especially the impact of the pandemic COVID-19 and nationwide lockdown were discussed. 

• There was a demand to provide special relief to the real estate sector to help it cope with the challenges and other adverse impacts of the current crisis.

• The coronavirus pandemic and its subsequent lockdown put a halt to all the construction activities taking place across the nation, resulting in a large-scale reverse migration of migrant labourers and disruption of the supply chain of various construction materials.

Following the detailed deliberations on all relevant matters, the Housing Minister assured all the stakeholders of the real estate sector that the matters will be considered keeping in view their interests. He also stated that the Housing Ministry will soon issue an advisory to all states about the special measures that need to be taken to save the interest of the homebuyers and other real estate industry stakeholders.

The Union Minister also appreciated all the real estate stakeholders for taking necessary measures to provide food, shelter, medical facilities and wages to their workers during this crisis and the regulatory authorities for providing them with full support and assistance.