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Sunday, May 31, 2020

Double special window for funding stalled affordable housing projects, says EY

As per the report, construction accounts for 11-per cent share in GDP and 11.8-per cent share in employment and real estate & ownership of dwellings account for another 7-per cent share in GDP and 0.2-per cent share in employment.

By: ENS Economic Bureau | New Delhi | Published: May 5, 2020 2:22:27 am
Underconstruction NRI residency at Greater Noida. (Express file photo)

As real estate is one the most impacted sectors by the lockdown, lack of availability of finance and slowdown in economy, EY India has called for doubling of the “special window for funding stalled affordable and middle-income housing projects” to Rs 50,000 crore, and also called for a waiver of interest for 3 months on home loans taken for projects under PMAY, among others.

As per the report, construction accounts for 11-per cent share in GDP and 11.8-per cent share in employment and real estate & ownership of dwellings account for another 7-per cent share in GDP and 0.2-per cent share in employment.

“It will also require close monitoring of projects, immediate discussions with lenders on post moratorium options and exploration of rescue/revival capital for stressed projects. The new capital would be available to only those projects which are efficiently managed, and which can demonstrate complete visibility of cash flows,” said Gaurav Karnik, partner and national leader–real estate, EY India. It called for states to waive off stamp duty in major metropolitan areas for the next 9 months.

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