A Big Breather For The Nation As A Whole

Murali Malayappan, Chairman and Managing Director, Shriram Properties Ltd. Awarding a stimulus package in the order of Rs. 20 lac crs - alongside introducing big reforms at this crucial hour is a big breather for the nation as a whole. Thrust on ensuring self –reliance, which will lead to increased domestic demand, employment and indigenous production, at this juncture, is an excellent and thoughtful measure taken by the government. Further extending credit guarantee for collateral free automatic loans to MSMEs, to an extent of 3lac crores, is a laudable step towards reviving the ailing manufacturing sector. As real estate developers, we welcome the Centre’s move in advising the States to invoke the ‘Force Majeure’ clause under RERA and allowing extension of project completion timelines by six months. An additional three month leeway, to this extension, has also been allowed under the discretion of state regulators. We are hopeful that a fiscal relief will follow, given that Real Estate is the second largest employment generating sector in India. The stimulus package coupled with these reforms, will surely result in a big transformation, paving the way for renewed growth opportunities unfolded by the pandemic.”