The Supreme Court issued notice on a plea seeking a relief package for the ailing real estate sector in light of the pandemic situation.
A bench of Justices Ashok Bhushan & V. Subramanium issued notice to the Reserve Bank of India (RBI) as well as the Central Government in the Petition prayin
The Supreme Court issued notice on a plea seeking a relief package for the ailing real estate sector in light of the pandemic situation.
A bench of Justices Ashok Bhushan & V. Subramanium issued notice to the Reserve Bank of India (RBI) as well as the Central Government in the Petition praying for reliefs including waiver of interest during moratorium period, restructuring and benefits of reduction in repurchases rates.
Credai MCHI, an association of over 1400 real estate developers in Mumbai and submitted that even though the real estate sector accounted for a large chunk of the GDP, the Government had not rolled up any relief of policy package for it.
According to the Petitioner-association, the sector has been discriminated against by the Government and was not allowed to operate even though others were allowed to function.Further to this, the petition highlights that in light of the pandemic situation and ongoing lockdown, the real estate industry was slumping due to the surging economic slowdown.
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