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Mumbai: Relief for builders, homebuyers as apex court lifts ban on construction

The real estate sector, which is still reeling from policy changes over the past year such as Real Estate Regulation and Development Act and the Goods and Services Tax, was expected to slump further had the ban been in place.

gay sex, Section 377, Supreme court, SC on section 377, Dipak Misra, Section 377 verdict, section 377 verdict reactions, gay community, LGBTQ, india news, Indian express news Owing to the earlier ban, builders were worried of an inevitable delay in timelines and a subsequent hike in prices.

Builders in the city expressed relief after the Supreme Court on Wednesday lifted the ban on construction activities in Maharashtra and Uttarakhand. They had been waiting for the state government to submit the rules for Solid Waste Management policy to the Supreme Court. They are now hopeful that the development work will be back on track.

“We were positive that the Supreme Court would lift the ban on all construction in Maharashtra, as the policy and rules on Solid Waste Management (SWM) were already in place in Maharashtra,” said a spokesperson of the CREDAI-Maharashtra Chamber of Housing Industries.

“The decision of the Supreme Court brings relief to home seekers who had been facing the possibility of delayed possession of their homes. Across construction sites in Maharashtra, jobs are secure and with construction activity continuing, stakeholders including material suppliers will be pleased that off-take of construction material will continue,” said Niranjan Hiranandani, chairperson and managing director of Hiranandani Communities and national president of the developers’ association National Real Estate Development Council (NAREDCO).

Owing to the earlier ban, builders were worried of an inevitable delay in timelines and a subsequent hike in prices. “Due to the ban, developers would have failed to deliver their projects as committed, leading to a further delay. With RERA in place, it’s critical for developers to meet the timelines updated in the site,” said Ashok Mohanani, chairman, EKTA World. According to the latest report by Knight Frank on the Indian Real Estate market, the sale of residential spaces has remained almost stagnant in the first half of 2018. Currently, Mumbai has an inventory of around 1,19,526 unsold flats and records a 21 per cent vacancy in flats even as prices dipped by 9 per cent, according to the report. The real estate sector, which is still reeling from policy changes over the past year such as Real Estate Regulation and Development Act and the Goods and Services Tax, was expected to slump further had the ban been in place.

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Moreover, it was expected to affect the workforce employed in the construction and allied activities. “The lifting up of the ban in just a couple of days is a great news for the sector. This particular ban could have caused project delays and also losses worth millions and billions to the people working in the sector. There are many undergoing projects by developers and the ban would have affected them adversely. Now that the ban has been lifted, the primary concern of everyone should be to minimise and control the waste being generated. If waste is managed in an efficient manner, the Supreme Court will not have any reasons for such a drastic step,” said Rajeev Jain, director of Nirmal Lifestyle.

“This ban had the potential of affecting the housing sector adversely. Moreover, the blanket ban would have put several things on hold and pushed developers and others to falter. Now, we hope that the concerned authorities to take the necessary actions to ensure solid waste management is looked into,” said Dhaval Ajmera, director of Ajmera Group.

First published on: 06-09-2018 at 07:46:24 am
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