National Real Estate Development council has forth the demand to housing ministry at a time when COVID-19 has another body blow for the residential real estate market with projects delays.
On the demand by the developers, the central govt. will take call in next one week, that stamp duty will be waived off for short period on the purchase of the property and deadlines for the RERA compliances would be extended, Durga Shanker Misra, Union housing and urban affairs secretary.
National Real Estate Development council has forth the demand to housing ministry at a time when COVID-19 has another body blow for the residential real estate market with projects delays because many of the labour has moved back to their towns and native village.
Construction activity has been stopping and even after the lockdown, the question remain same how the construction activity will be continued in full force with limited manpower. Many of the labourers have been move backed to their hometowns during this Pandemic. Online projects are been for 3-15 months.
“We will let you know about the demand,” said Mishra while speaking to the developers at webinar which was organized by Naredco on Friday.
The realtors have asked for the waiver of stamp duty for a short time, through which they will reduce the prices of the property which will attract the buyer when demand is falling more. Centre should consult with the states, as the stamp duty is a subject of the state. AS the builders are having a huge stock of inventory which are unsold in this struggling market due to which prices are going to fall down. Deepak Parekh, chairman of HDFC, as said earlier this week he expects the fall of 20% in residential apartment price in the near term.
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