The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the union budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses.
The sector has also been demanding infrastructure status. Apart from the sector suffering a sharp dip in sales due to COVID-19, there was also exodus of migrant labourers from cities which impacted execution of projects.
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Developers said construction work had not picked up projects due to liquidity crisis.
Navin Raheja, Chairman, Raheja Developers, said the real estate sector is the driver of the economy and a boost to the sector will have trickle-down impact.
“People on average invest their one-third of their savings in real estate. The real estate sector is largely suffering due to over-regulation and incomplete projects that has led to delays and defaults. Though the government has put the system online, developers still need to approach 50 departments for approvals. This needs to be taken care of. There should be restructuring of the past loans to complete the projects,” he said.