Reaction from Aparna Constructions on how it will impact the real- estate sector – Mr. Rakesh Reddy, Director, Aparna Constructions & Estates Pvt. Ltd.

New Delhi, May 14, 2020: The latest economic relief reforms announced by the Government are extremely positive for consumer, industry and investor morale. The reforms look to bolster liquidity, facilitate credit flow and ease the pressure of timelines.

The provision to invoke force majeure for the COVID-19 period will relax the timelines for project delivery while maintaining RERA compliance. New project registration certificates can be issued and, registration and completion date can be extended for up to six months for newly registered projects without individual applications. This will help ease the anxiety of both developers and consumers and ensure the completion of projects. The announcement of a special liquidity scheme of up to Rs 30000 crore for, housing financiers and micro financiers, which will be fully guaranteed by the Government, will ensure much-needed liquidity in the real estate sector. Overall, these moves will help ease the near-term financial burden for the sector.

Corporate Comm India (CCI Newswire)