Views of Dr Niranjan Hiranandani on Premium reduction

New Delhi, January 07, 2021: While reacting to the breaking news of State cabinet to approve Reduction in Premiums, Dr. Niranjan Hiranandani, President NAREDCO gladly said that, “It is a great bolstering move made by the state government by sealing approval to reduce premiums by 50% under the new DCPR rule 2034 across the board for on-going and new projects upto Dec 312021. This move will go a long way in expediting the project completion and the industry will witness new launches in the market. The industry applauds this booster dose making many projects viable and we shall adhere to the rules laid down in lieu of availing these benefits. Also, the reduction in premiums for new launches will help the development at the lesser input cost and over a period of time there is possibility of lower price for new inventories that shall come into the market.

“It is a move expected to meet the urgent need for economic activity and generating employment. The industry will be injected with additional liquidity in the backdrop of cumulative policy reforms due to Covid pandemic, which has been considered as a ‘force majeure’ situation by the Government of India. This reduction in premiums will help in quick turnaround of projects and uplifting Industry sentiments.”

Corporate Comm India (CCI Newswire)