Durga shankar mishra - Latest News Update, Information, Photos & Videos on Durga shankar mishra at Lokmat Times

The National Real Estate Development Council (NAREDCO) has sought 200 billion dollars (about Rs 15 lakh crore) from the government as a relief package to minimise the economic impact of COVID-19 and called for a partial lifting of the lockdown on construction sites to reduce job losses.The real estate sector accounts for 7 per cent of the gross domestic products (GDP) and employs 11 per cent of the country's population.NAREDCO also called for suspending all cases under the National Company Law Tribunal (NCLT) for the next six months amid economic slowdown which is likely to worsen due to coronavirus pandemic, saying it is imperative to capture the loss of jobs and incomes for millions of construction workers."We urge the government to provide us with a stimulus package to deal with the current situation, while we take care of our labour force to ensure that their health and safety are not compromised," said NAREDCO Chairman Rajeev Talwar.Industry leaders say the extension of lockdown on construction sites may lead to an unprecedented challenge of re-acquiring the workforce, which will further delay constructions and developers will have to bear significant losses as monsoons are approaching."Breathing space must be provided to compes which have faced huge losses due to rapidly-decreasing stock prices. This has made high net worth compes prone to be taken over by foreign investors, the results of which can be devastating for India," NAREDCO said in a statement.NAREDCO representatives have compiled standard operating procedures guidelines to ensure safety or people in and around construction sites, which were unveiled recently in the presence of Durga Shankar Mishra, Secretary and the Ministry of Housing and Urban Affairs.NAREDCO National President Niranjan Hiranand said the shutdown of retail outlets, malls, entertainment and fitness centres has put commercial real estate deals on wait-and-watch mode.He urged the government for intervention measures like rescheduling loan repayments, a one-time rollover for debt restructuring and deep interest rate cuts for the sector.The sector has been facing dropping sales due to sagging buyer confidence and an overall slowdown in the economy. The crisis in non-banking finance compes (NBFCs) after the collapse of IL&FS and Dewan Housing Finance Ltd (DHFL) led to a severe credit squeeze."Now with coronavirus pandemic impacting all sectors of the economy, the troubles of real estate industry appear to have been compounded," said Hiranand.( With inputs from ANI )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Durga Shankar MishraFOLLOW

Durga shankar mishra, Latest News

National :Odisha CM launches 'Sujal' mission to ensure 24x7 quality drinking water supply in urban areas

Odisha Chief Minister Naveen Patnaik on Tuesday inaugurated "Sujal"- 'Drink from Tap Mission' scheme for providing 24 hours supply of quality drinking water in all urban areas of the state. ...

Business :NAREDCO calls for $200 billion relief package for real estate sector

The National Real Estate Development Council (NAREDCO) has sought 200 billion dollars (about Rs 15 lakh crore) from the government as a relief package to minimise the economic impact of COVID-19 and called for a partial lifting of the lockdown on con ...