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Developers can resume construction of real estate projects in some areas

Developers can resume construction of real estate projects in some areas

Real estate developers with projects under construction in non-containment zones can resume building activities, with workers available on the site, after 20 April.

On Tuesday, Prime Minister Narendra Modi extended the country-wide lockdown till 3 May to tackle the spread of covid-19. Following which, on Wednesday, the Union home ministry issued guidelines to be followed during lockdown 2.0.

Under the guidelines, effective 20 April, the ministry said developers can resume construction activities in projects situated in non-containment zones and within the limit of municipal corporation or municipalities, where workers are available on site and no workers are required to be brought in from outside. However, developers are required to strictly comply with lockdown measures like social distancing, sanitisation of work place, and so on.

This comes as respite for developers, especially those incurring expenses to arrange essentials for laborers at sites with no construction activity allowed as of now. “We have been spending approximately ₹7 lakh per week on petty cash and daily needs of laborers, including food. We welcome the guidelines issued by MHA and it is a respite for the developer community. Now we are waiting for the state government to take the call on the matter,” said Pradeep Aggarwal, founder and Chairman, Signature Global, an NCR based real estate developer.

According to Anarock Property Consultant estimates, there are around 15.62 lakh under-construction projects across the top seven cities as of now, but given that projects only in non-containment zones can resume, only a small fraction of the total will benefit.

Source

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Axiom Landbase

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