Ministry of Housing and Urban affairs to issue advisory to states to safeguard interest of homebuyers and real estate industry

In a meeting held today through a webinar, Minister of State (Independent Charge) Hardeep Singh Puri was made aware of the concerns of the real estate sector especially due to the coronavirus crisis in the country. A demand for providing a special relief package to the real estate sector was also put forth.

New Delhi: Amid nationwide lockdown, the housing and real estate sector is also affected and impacting deadlines of flagship programs of Union Govt.

​To discuss the issues, an urgent meeting of Central Advisory Council (CAC) constituted under the provisions of Real Estate (Regulation and Development) Act, 2016 (RERA), was held today through webinar under the chairmanship of Sh. Hardeep S. Puri, Minister of State (Independent Charge), MoHUA to discuss the impact of the pandemic COVID-19 (Coronavirus) and consequent nationwide lockdown on the real estate sector.

The concerns of the real estate sector particularly the impact of the pandemic COVID-19 and consequent nationwide lockdown were deliberated in the meeting. There was a demand for providing special relief for the real estate sector so that the sector is able to cope up with adverse impact of the current crisis. COVID-19 has already disrupted construction activities due to reverse migration of labour at large scale and disruption of supply chain of various construction materials.

After detailed deliberations, the Housing Minister assured all the participants that the matter will be considered keeping in view the interests of all stakeholders. He further said that MoHUA will soon issue an advisory to all RERA/States about the special measures that need to be taken to safeguard the interest of homebuyers and all other real estate industry stakeholders.

This is to mention that PMAY( Pradhan Mantri Aawas Yojna) Scheme is an initiative provided by the Government of India which aims at providing affordable housing to the urban poor. The mission is to provide housing for all by the year 2022, by that time Nation completes 75 years of its Independence.