Cautious Realtors Confine Labour To Sites, Adhere To COVID Protocol

NAREDCO Maharashtra has announced yet another spell of zero- stamp duty on housing sales until 31st December 2020.

Mumbai, Nov 23 (BNC Network): Believe it or not, realtors have come up with their own idea of working from home (WFH) concept for the construction labour, most of whom are migrants.

The labour, who have returned to work after the infavmous exodus in the wake of the pandemic, are confined to the respective sites where the developer community strictly adheres to the safety protocol, said Rajan Bandelkar, Vice Chairman, NAREDCO Maharashtra in response to a quesry at a virtual media meet today.

Asked to comment on the fear that the migrant labour might be bringing back COVID as the reverse migration intensifies, Bandelkar said “we are taking all precations.”

Of the workers about 60% to 70% left various cities and about hald of them have begun to treturn. About a third of the working force is still being held back at their respective places as the industry keeps a close watch on the COVID situation, he said.

“So, if the IT and oyther employees work from home, our workers too are working from their cnfinements. It is like work from home for them,” he quipped.

Meanwhile, at the media meet, NAREDCO Maharashtra has announced yet another spell of zero- stamp duty on housing sales until 31st December 2020. The decision will allow more homebuyers to buy affordable and luxury residential properties at the lowest ever prices during the pandemic. Over 1,000 NAREDCO Maharashtra members have offered their properties for sale under this scheme.

Buoyed with a demand upsurge that pushed the housing sales in Mumbai and Pune to top the national sales charts with a share of 41 percent, NAREDCO Maharashtra is eyeing a similar kind of growth in residential segment by 31st December due to the developer–borne stamp duty waiver. NAREDCO informed that the zero-stamp duty pushed Mumbai’s residential realty sales by 300 percent from August 2020 to October 2020.

Supported by a solid ‘thrive – back’ story of the sector during the pandemic, the Government’s pro-industry reforms and euphoric realty buying sentiments in the country, the trade body is set to pitch for funding with the foreign investors in a three–day virtual ‘Real Estate and Infrastructure Investors’ Summit (REIIS) – 2020’ that will begin from 25th November, 2020.

Ashok Mohanani, President, NAREDCO Maharashtra said the event is organized jointly by NAREDCO and Asia Pacific Real Estate Association (APREA), a leading pan Asian trade association with focus on cross-border real estate investment, and promotion of real estate as a preferred investment asset class across Asia Pacific and beyond. Anarock will be the knowledge partner for the event. The theme of the Summit is ‘India – Opportunities in the Coming Year’. It will bring the developers, the foreign investors and the policy makers on one platform to boost investments in the Indian Real Estate and Housing sector. 

Sandeep Runwal, president-elect, NAREDCO Maharashtra said, “The bullish foreign funds will provide clean funds to the developers to expand their operations. This will help complete projects and bring a level–playing field among the organized developers. The lower tax regime has given volumes without impacting the Government’s revenues.”

Sigrid Zialcita, CEO, Asia Pacific Real Estate Association (APREA) said, “We expect the region’s real estate investments to rebound and to register inflows of over USD 660 billion next year with China and India remaining the region’s top emerging markets. This regains most of the ground lost in 2020, as conducive financing conditions, pent-up demand as deal making restarts and the rollout of a successful vaccine headlines the recovery. “

Shobhit Agarwal, Managing Director and CEO of Anarock Capital Advisors, said, “Decentralisation is the theme that is going to get prominence in real estate; not just in India but across the world. The ongoing pandemic has taught us that proximity to home is more important than the scale of it. Be it offices, Medicare, hospitality or warehousing; companies will start focusing on decentralising the facilities rather than having mega centralised facility.”