Measures to save the interest of home buyers & real estate sector soon: Hardeep Singh Puri

The government today said that it will soon announce measures to save the interest of home buyers and protect the real estate sector from the adverse impact of COVID-19 pandemic. The message was passed on by Housing and Urban Affairs Minister Hardeep Singh Puri at a meeting of Central Advisory Council of RERA.

He spoke to different stakeholders of Real Estate Sector including State Secretaries, RERA Chairpersons, representatives of home buyers, Real Estate associations and other stakeholders.

In a series of tweets, Mr Puri said, "Participants raised several concerns facing the sector in the light of COVID-19 pandemic. I assured them that the government is taking various proactive steps to revive economic activities." He added, "We shall consider their demand for invoking 'force majeure' clause under RERA & will soon announce measures to save the interest of home buyers & protect the sector from adverse impact."

Why the meeting was called?

The meeting was called to discuss and find the impact of nationwide lockdown amid COVID-19 pandemic on the real estate sector and to treat it as a Force Majeure event under the provisions of RERA.

Durga Shanker Mishra, Secretary, MoHUA, a participant of the meet, said in a tweet, "It was unanimously recommended to invoke force majeure clause to give suo moto relief to registered projects due for completion on or after 25 March 2020 & will be in the interest of home buyers & real estate sector so that projects could be completed & promised homes get delivered."