CREDAI seeks waiver to help realty sector

Tribune News Service

Chandigarh, March 30

With the realty sector facing unprecedented losses due to Covid, the Haryana zonal chapter of the Confederation of Real Estate Developers’ Associations of India (CREDAI) has appealed to the state government to allow relaxation in rules and regulations for developers.

“The real estate sector contributes to 10 per cent of the national GDP and is the second-largest employer in the country. Due to this pandemic, the real estate industry will be drastically impacted. We believe that relaxations will be in the larger interests of not only of the sector, but all stakeholders. In the absence of relaxations, the real estate industry will hit an all-time low and suffer irreparable damage,” said Kushagr Ansal, president of CREDAI Haryana.

“Due to this pandemic, committed financial inflows as well as finances through sales are gravely impacted at this initial stage itself. Developers perceive finances from various financial institutions, including banks and NBFCs, to remain negligible due to this pandemic. This will lead to a serious liquidity crunch in the coming months, which in turn will hamper project finances and impact work at projects in the coming months,” he added.