Comments from leading real estate developer Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group on today’s announcement of the Finance Minister related to industry

New Delhi, May 14, 2020: Following the announcement of Rs 20 lakh crore fiscal stimulus economic package made by the prime minister, the finance minister Nirmala Sitharaman has today provided the much-needed relief to the real estate sector by announcing force majeure under RERA and relaxed timelines for registration and completion of projects for another six months. These steps are highly welcome in view of the current crisis situation faced by the industry due to the COVID-19 impact owing to which the real estate sector is facing supply chain disruptions and struggling with a shortage of labour at sites. In such a scenario, these announcements will certainly help the industry tide over the current turbulence phase. Further, the provision of Rs 30,000 crore special liquidity scheme to NBFCs will also help revive the demand and improve the overall market sentiments.

Corporate Comm India (CCI Newswire)