At least there is a hope now for the realtors to live on for next few weeks as the government yesterday assured that it would soon address issues affecting the real estate sector. Finance Minister Nirmala Sitharaman yesterday met industry bodies and homebuyers to understand the main issues plaguing the industry. The finance minister held two separate meetings — the first with the two apex realtors’ industry bodies CREDAI and NAREDCO, and the second with homebuyer associations, to discuss the issues concerning the real estate sector and steps to be taken to strengthen the industry.
Representatives of CREDAI and NAREDCO reportedly said that there is “unrest” in the sector because of liquidity crunch and poor sales, and demanded that banks and NBFCs should be encouraged to fund projects. They also expressed concern that the situation could worsen during the coming festive season when generally demand is higher.
“Whatever problems are there of the homebuyers, stalled projects etc we are exploring ways to move forward on this. Many homebuyers have moved the Supreme Court and there are judgements too. So, it’s a very complicated arena. But given the goodwill within the government, amongst the homebuyers and industry, so whatever problems are there we will find solutions for them,” Housing and Urban Affairs Minister Hardeep Singh Puri who was also present at the meeting said.
Meanwhile, homebuyers body Forum for Peoples’ Collective Efforts (FPCE) President Abhay Upadhyay said 5 lakh customers are stuck across the country due to delayed projects. Homebuyers of Jaypee Group told the finance minister that projects are not getting completed despite promoters having huge land bank and other assets like the Yamuna Expressway project.