Realtors seek PM’s help as 2nd wave hits business hard

Realty developers have approached the Prime Minister, finance minister and the housing minister, seeking a relief package in the backdrop of the second wave of the pandemic that has exacerbated problems like demand shrinkage, high input costs and project delays for the sector.

Developers, through the Confederation of Real Estate Developers Associations of India (Credai), have urged the government to support the sector with a waiver or reduction in stamp duty, loan restructuring, single-window clearance, input tax credit on GST paid and a nine-month extension to the validity of all the existing approvals.

The developers’ body has sought these support measures based on the responses to a survey where 4,813 developers from 217 cities in India participated.


“We have made a representation to the government citing the current survey and requesting the government to infuse urgent financial stimulus and initiate quick progressive measures to assist recovery … We are hopeful that the government will consider our appeal and will make urgent interventions this time,” said Harsh Vardhan Patodia, president, Credai-National.

The sector had shown resilience after the first wave, returning to a cautious recovery path despite little relief measures.