Haryana grants relief to developers; zero-interest in April-May

18 Jun 2021 CW Team

As a part of real estate recovery, the Haryana government has granted relief to real estate developers by declaring April-May as zero interest period.

During zero period, the real estate developers get relief on interest payment of renewal fee of license on delayed period, submission of a fresh bank guarantee on payment of instalment of external development works (EDC), state infrastructure development charges (SIDC), letter of intent, permissions, plan approval, an extension of CLU permission and licenses, and renewal of licenses and related complications.

There is a booming demand for housing in middle-income households, lower rates of interest, and favourable socio-economic dividends. Yet, most of the large industries in India are contradicted by current realities. The developers are suffering from poor liquidity positions. Amid such a crisis, the government's relief, discounts and subsidies are believed to be a welcoming step.

Ankit Kansal, Founder and MD of 360 Realtors, told the media that the Haryana government had taken a judicious step of granting relief on interest and other time-bounded compliances for April-May. It will help the industry in the time of crisis to get back and return to normalcy. The developers can pass this relief to the allottees to build resilience across the value chain. It can encourage other states to adopt them as a part of the relief and resilience-building action place.

Santosh Agarwal, CFO and Executive Director of AlphaCorp, said the decision of zero period for April-May is a relief measure taken by the government to revive the economy. It will boost the confidence of the developer and buyer in relieving the interest dues and time-bound agreements. The developers can also pass this relief to the buyers to ease the complications faced by them.

According to the developers, the government should replicate this to other parts of the country for the smooth functioning of the real estate sectors.

Image Source

Also read: DDA promotes affordable housing, will dispose group housing projects

Also read: Work from home culture may damage workspace market: Ind-Ra

As a part of real estate recovery, the Haryana government has granted relief to real estate developers by declaring April-May as zero interest period. During zero period, the real estate developers get relief on interest payment of renewal fee of license on delayed period, submission of a fresh bank guarantee on payment of instalment of external development works (EDC), state infrastructure development charges (SIDC), letter of intent, permissions, plan approval, an extension of CLU permission and licenses, and renewal of licenses and related complications. There is a booming demand for housing in middle-income households, lower rates of interest, and favourable socio-economic dividends. Yet, most of the large industries in India are contradicted by current realities. The developers are suffering from poor liquidity positions. Amid such a crisis, the government's relief, discounts and subsidies are believed to be a welcoming step. Ankit Kansal, Founder and MD of 360 Realtors, told the media that the Haryana government had taken a judicious step of granting relief on interest and other time-bounded compliances for April-May. It will help the industry in the time of crisis to get back and return to normalcy. The developers can pass this relief to the allottees to build resilience across the value chain. It can encourage other states to adopt them as a part of the relief and resilience-building action place. Santosh Agarwal, CFO and Executive Director of AlphaCorp, said the decision of zero period for April-May is a relief measure taken by the government to revive the economy. It will boost the confidence of the developer and buyer in relieving the interest dues and time-bound agreements. The developers can also pass this relief to the buyers to ease the complications faced by them. According to the developers, the government should replicate this to other parts of the country for the smooth functioning of the real estate sectors. Image Source Also read: DDA promotes affordable housing, will dispose group housing projects Also read: Work from home culture may damage workspace market: Ind-Ra

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