Government announces lockdown relaxation on realty sector in India

Recently, the Indian government has announced the resumption of construction activities in non-hotspot regions of COVID-19, along with strict guidelines to help developers run their projects with efficiency and nominal health hazards.

As per a recently published report by KPMG, real estate projects of value over Rs 59 lakh crore are under process and have been adversely impacted due to Coronavirus-19 outbreak. Additionally, it states that realty segment is allied with around 250 sectors and employs around 12% of the Nation’s workforce.

Understanding the essence of this sector for reviving India from the on-going economic slowdown, it becomes imperative to look after these premier industries.

As the Government has declared the recommencement of construction activities, it is seen as a new hope and is expected to boost the investment in the sector. Investors, developers, and employees are considering it as a sign of relief as significant cash flow is expected for the major projects that are about to be completed.

Industry experts believe that development projects encompassing massive investment would be prioritized in terms of resuming the construction work. Sites that are on the verge of completion would be focused primarily as buyers would desire to get the possession of these projects and simultaneously good amount of cash flow would be infused. Furthermore, the government backed projects involving the public interests are highly expecting a kick start.

The transportation of goods, carrying essential or non-essential items, is permitted in several regions, thus the associated sectors are also hopeful. This has let the realty segment to get raw materials easily. However, the focus on sanitization is primary before the resumption of any work. Contractors and developers are directed by authorities to maintain social distancing and follow hygiene and safety measures. Everyone at the site must be provided with masks, soap and hand sanitizers, followed by consistent screening.

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