Anuj Puri, Chairman – ANAROCK Property Consultants
Finance Minister, Piyush Goyal’s meeting with top industry stakeholders shows clear intent to salvage the sector
Despite the many interventions by the Government directly or indirectly benefiting the real estate sector in recent times, many pressing problems besetting this industry have remained unaddressed. A major one among these is the issue of stalled projects, which has been at the core of buyers’ discontent.
Taking cognizance of this and several other issues, officiating finance minister Piyush Goyal held a meeting with the top bankers and industry stakeholders to discuss measures that can be taken to bring the industry back on track.
After RERA, this was potentially the most direct and straightforward intervention move that the Government has taken on behalf of the struggling real estate sector.
The item of highest interest on the meeting agenda was the proposal to rope in the National Buildings Construction Corporation (NBCC) to complete stalled projects, a predominant burden of which is NCR.
What is at stake?
Even if 50% of the stalled projects are picked up by NBCC,