COVID-19 crisis: Sharad Pawar urges PM Modi to take measures to revive real estate sector

Amid the COVID-19 crisis, NCP supremo Sharad Pawar wrote to Prime Minister Narendra Modi urging him to take necessary steps to revive the real estate sector. In the letter dated May 27, Pawar contended that the real estate sector was on the state of complete breakdown due to the massive influx of workers, halted work and sale for nearly three months, stagnant consumer demand, and impaired economic activities during the nationwide lockdown. Maintaining that this sector substantially added to the national GDP, he recalled that the Confederation of Real Estate Developers Association of India (CREDAI) had already written an open letter seeking the PM's intervention.

The NCP chief opined that measures such as one-time restructuring, additional institutional funding, waiver of penal interest and policy innovations for triggering criterion of affordability for GST applicability and operationalization of SWAMIH fund could help the real estate sector. Currently, there are 1,58,333 novel coronavirus cases out of which 67,692 patients have been discharged while 4531 casualties have been reported. The fourth phase of the nationwide lockdown will end on May 31. 

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Relaxed guidelines in the fourth phase of lockdown

In the guidelines released by the MHA for the fourth phase of the lockdown, no distinction was made in the permitted activities as far as the Red, Orange, and Green zones are concerned. Though, only essential activities will be allowed in the containment zones. The state governments and Union Territories were empowered to decide the demarcation of the three zones. Metro rail services, all educational institutions, hotels, restaurants, and other hospitality services except for those housing frontline workers, cinema halls, swimming pools, shopping malls, gyms, entertainment parks, theatres, bars, and auditoriums still remain closed.

The movement of individuals remains strictly prohibited between 7 pm and 7 am except for essential activities. All other activities that are not specifically prohibited such as shops, offices, businesses, etc. are also permitted to operate. However, the states/UTs have been given the power to prohibit restrictions in various zones as deemed necessary. Meanwhile, domestic air operations which recommenced on May 25 has clocked a footfall of 67,861 passengers and 924 flights till 23.59 hours on May 27. 

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