NAREDCO seeks $200-300 Bn Economic Package from Government

As an appeal to provide a relief to developers across the country, NAREDCO seeks $200 billion relief from the government. In order to keep up with the world economy, NAREDCO has requested to suspend all NCLT activities for next 6 months considering the downfall of the economy of India. The idea is to provide a breathing space to companies who have faced huge losses due to rapidly decreasing stock prices, which has made high net worth companies prone to be taken over by foreign investors, the results of which can be devastating for India. Since real estate accounts for 6-7% of India’s GDP and employs nearly 10-11% of population, the government should focus on the demand of the developers. To ease this difficult situation, NAREDCO has also suggested lifting the lockdown partially on construction site to continue the work while following all the guidelines given by the Government to ensure safety of the people. NAREDCO is actively working towards creating a safer environment for the people across the country by providing buildings for quarantine and assisting with beds in the hospitals NAREDCO also unveiled the Standard Operating Procedures (SOP) guidelines to ensure the safety of the people in and around the construction site. Rajeev Talwar, Chairman NAREDCO said, “During these unprecedented times, a unity amongst the people is visible to tackle COVID 19. We urge the government to provide us with a stimulus package to deal the current situation while we take care of our labor force to ensure that their health and safety is not compromised.” Adding to it Dr. Niranjan Hiranandani, National President, NAREDCO said, “Country’s economy is under tremendous pressure owing to exponential losses across sectors. Real estate has been under consistent stress with rising unsold inventories, liquidity crunch and now with COVID-19. As a body we urge the government to come up with an economic relief package keeping in mind the current status of the real estate.” “To ensure that social distancing is followed during & post lockdown in home buying, It is imperative to make home buying process online as much as possible.” says Mr. Rajan Bandelkar, President NAREDCO Maharashtra.