Calibrated Measures to Regain Momentum in Real Estate Sector, affirmed by Hon’ble State Housing Minister Jitendra Awhad

Mumbai, June 03, 2020: Today webinar with NAREDCO was Housing Minister of Maharashtra, Shri Jitendra Awhad, addressed the serious concerns of the ailing real estate sector. The long due issues ron a egarding ease of doing business, quick and digitization of approvals, rationalization of ready reckoner rates, suspension of section 18 read with 19{4} RERA act for two years, no stamp duty and GST for stipulated time frame, restart SRA and other kick start measures to regain traction in the sector were main focal point of the discussion.

Addressing the forum, Minister assured quick approvals within 24 hours shall be granted and no files will be kept pending for long. Approvals related to MHADA, SRA & Repair Board will be sanctioned within 60 days as affirmed by the minister. He further added that “The final uniform DCR is tabled to the related authorities and shall be out shortly.”

Commenting on redevelopment, the Minister said, “Purchasing lands is not feasible in the current scenario and we must look at the redevelopment of slums or buildings as an opportunity”. He added “We are also working with the government to reduce premiums for two years and long standing demands to introduce uniform laws are in consideration.”

Dr Niranjan Hiranandani, National President, NAREDCO urged that, “There is dire need of ease of doing business to percolate down to the lower levels of bureaucracy , and time bound issuing of permission and clearances are imperative for the  growth of the real estate sector. Further stressing upon the last mile funding challenges are holding up many projects where industry seeks an immediate intervention of the state government to help alleviate the challenging situation on ground.  Lauding the minister’s affirmation in regards to efforts to restore the primacy of Mumbai’s leadership position as growth and employment enabler centre, Naredco also suggested making Maharashtra a digital economy. Industry was elated with the positivity of the Minister to extend necessary support in reviving the sector “he concluded.

While concluding, the Minister said, “Government stands with you and will support to make a better and new Maharashtra.”

Corporate Comm India (CCI Newswire)