Fadnavis to Move PM, FM with Plea for OTR
Stating that the employment generator Real Estate sector deserves all support and respect, Leader of Opposition in Maharashtra legislative assembly and former Chief Minister Devendra Fadnavis has promised to take up the various demands of the crisis-ridden developer community with the centre and try to get them resolved. Responding to the online campaign launched by the MMR Action Committee of CREDAI MCHI, Mr Fadnavis said that their “logical, genuine and reasonable” demand for a one time debt restructuring will be taken up with the Finance Minister. He concurred with the developers that this step will bring in relief to the industry facing a lot of financial stress. He said he has already indicated to Union Finance Minister Ms Nirmala Sitharaman beforehand that he would be accepting a petition from the developers. “She immediately gave me a go-ahead,” he said and expressed the confidence that “she will definitely look into the issue”. The former Chief Minister expressed his shock that banks, but for SBI, have not yet passed on the benefit of the unprecedented repo rate cut to the end consumer. He agreed with CREDAI MCHI that the massive defaults arising out of high interest rate will ultimately lead to a big jump in NPAs for the banks as well and “this will be disastrous for the economy as a whole”. The banks’ attitude does not live up to the good intentions of the Centre and RBI who are keen on increasing the liquidity, he remarked. On extending the RERA time limit for completion of projects to March 2021, the senior BJP leader said there is a provision for this and he would take it up with the government. On facilitating GST input credit for new projects, Fadnavis said the matter has been flagged to the GST Council and he expected a decision soon. Webinar convener Shailesh Puranik pointed out that the pain being felt by the developers is real and that they saw a big ray of hope in Mr Fadnavis.
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