NAREDCO urge builder to make isolation cabin for construction worker

On Thursday Naredco to developers of all real estate projects in the cities and Yamuna Expressway area have been asked to create isolation structures for Covid-affected workers at their construction sites.

The isolation departments on construction sites will be equipped with basic medical services, including beds, wheelchairs, oximeters, and disinfectants. Authorities in Noida, Greater Noida, and Yamuna Expressway have commissioned Naredco to help build these facilities so that these facilities can provide emergency assistance to workers affected by Covid before serious patients are transferred to hospitals.

Noida, Greater Noida, and Yamuna Expressway together account for over two lakh housing units in various construction stages. UP-Rera is already aware of this problem but has not yet offered builders any particular relief in terms of extending the deadline. Despite the fact that more than 25% of migrant workers left the area and went to their place of residence. According to an estimate these cities today still have a lakh people working at nearly 240 under-construction project sites.

RK Arora, president of Naredco-UP, said, the initiative was led by the authorities of the cities of Noida, Greater Noida, and Yamuna Expressway. We are promoting this initiative and have so far instructed builders. To create isolation structures for workers at 250 project sites in these three urban areas. The aim is to provide basic support to Covid affected workers before they are transported to the nearest hospital. However, according to builders, no serious outbreaks of Covid have yet been recorded at any construction site. However, builders said the ongoing pandemic will affect the construction time frame.

Pankaj Bajaj, Credai-NCR president said, there are no reports of any major Covid 19 leak anywhere yet. However, the reduction of the vacant workforce and the disruption of the supply chain during the lockdown period affected the work at the project sites and the end date. Projects are likely to be postponed.

Builders asking for support of RBI to deal with Covid second wave

Builders have urged the Reserve Bank of India (RBI) to consider a loan restructuring, a moratorium on interest payments, and extra liquidity support to the real estate sector. This comes after RBI Governor Shaktikanta Das announced on Wednesday a covid relief package for individuals, small businesses, and MSMEs.

The RBI Governor has mentioned a number of measures and arrangements in his statements. Such as the second round of loan restructuring and other relief measures as well as the term liquidity facility of about Rs 50,000 crore for healthcare and SLTRO for Small Finance Banks. The central bank also recognized the difficulties faced by individuals, small businesses, and small and medium-sized enterprises. Due to downsizing, and provided resolution 2.0 measures to restructure loans to small borrowers of up to Rs 25 crore.

CREDAI encouraged and hoped that similar measures would be announced in the coming days. To address the problems of large companies and labor-intensive sectors such as real estate.

It is hope that RBI consider real estate sector as well!

This was stated by the President of CREDAI Harsh Vardhan Patodia. We are convinced that the measures that make accounts classified as SMA 1 and SMA 2 also suitable for restructuring. An interest rate moratorium together with additional liquidity under ECLGS 3.0 transferred to real estate projects will help in reviving the economy and create jobs that are most important to compensate the influence of the second wave.

This was stated by the President of NAREDCO, Niranjan Hiranandani. The RBI governor announced a number of plans. Including the second round of loan restructuring and other relief measures, steps in the right direction. It is hoped that he will also look at industries as real estate that need similar support in these difficult times. We expect consistent, calibrated, and timely action across industries such as real estate.

Samantak Das, chief economist and head of Research & REIS, JLL India said. Apart from individual borrowers, this will be of great help to SMEs associated with the real estate sector, especially resource providers for this sector.

Also read:-

UP-RERA working with state government to end flats registration deadlock

ICICI, SBI, LIC, HDFC, other life insurers set to invest in InvITs, REITs

Housing Segment Needs Infrastructure Status: NAREDCO Demands

NAREDCO, the National Real Estate Development Council, demanded that the housing segment should be given infrastructure status as it will enable them to gain tax benefits.

housing segment demands industry status

NAREDCO demands industry status for housing segment.

National Real Estate Development Council has recently demanded infrastructure status for the housing segment. The Housing ministry expressed that infrastructure status can be given to the affordable housing segment.

Housing and Poverty Alleviation Ministry (MHUPA) gestured that this time special focus will be on affordable housing segment. Housing Ministry revealed that they are hopeful of bringing some changes in the affordable housing segment. Continue reading

Land Acquisition Bill Invites Hike in Residential Prices

Union Cabinet recently passed the Land Acquisition Bill. The land acquisition bill ensures more right to the farmers. Real estate experts opine that the bill will cause residential prices to go up.

Land Acquisition Bill Invites Hike in Residential Prices

Residential Prices set to go up with Land Acquisition Bill.

Union Cabinet voted in favor of land acquisition bill. The bill will force the housing prices to go up, report real estate analysts. As per the land acquisition bill the land owners’ consent has become mandatory for all private projects.

The year 2012 witnessed a decreasing price appreciation for the residential sector. This year with the approval of land acquisition bill the situation is going to be worsened. Experts are of the opinion that the bill will necessitate price – hike. In fact the value appreciation will be improved. Continue reading

Real Estate Bill Have to Wait More

The much-awaited regulatory Bill for the real estate sector is still a long way off. The draft Real Estate Regulation Bill will not be tabled during the current session of Parliament, a senior official in the Ministry of Housing and Urban Poverty Alleviation has confirmed.

The imprisonment, according to the final draft, applies only in the case of non-registration with the real estate regulation authority. Registration is mandatory for projects of a certain area and type. The maximum term of imprisonment is up to three years, and penalty may be extended up to 10 per cent of the project cost. In the earlier draft of the Bill, imprisonment was recommended in case of wilful failure to comply with orders of Appellate Tribunal too. The ministry has also reduced the area size for compulsory registration from 4,000 square feet in the earlier draft to 1,000 square feet now. This would mean registration would be mandatory for the smaller players too.

The Bill has been in the making for several years now, and was slated to be introduced during the Budget session. The housing ministry is now targeting the monsoon session of Parliament. The official said the final draft was ready. The draft bill has gone through some changes related to clauses on imprisonment and compulsory registration.

National Real Estate Development Council (Naredco) hailed this as a good move. “It would also check fly-by-night operators in real estate, which are majorly into smaller projects,” said R. R Singh, Naredco director-general. “However, the load on the authority will increase, as it would get flooded with projects for registration as smaller projects are more in number.” Confederation of Real Estate Developers Association of India (Credai), however, wants no limit on the registration. “No developer should be left out of the ambit of Real Estate Regulation Authority,” according to Credai chairman Lalit Jain.

The objective of the proposed legislation is to establish an authority to regulate, control and promote planned and healthy development and construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties, besides to host and maintain a website containing all project details.