Business News | Real Estate Sector Meets Environment Minister on the Issue of Construction Ban
Get latest articles and stories on Business at LatestLY. Distressed by the issue of the successive construction bans, the real estate sector today met Union Minister, Bhupendra Yadav, Minister Environment, Forest and Climate Change. During this meeting, many distinguished personalities like Manoj Gaur from CREDAI NCR, Lalit Aggarwal-Vice Chairman-Signature Global, Harsh Bansal-Owner, Unity Group, Vipin Aggarwal, CMD, Nimbus Group and Satish Garg from Nirman Udyog Morcha alongwith various representatives from allied industries of Real Estate were present.
New Delhi [India], January 11 (ANI/NewsVoir): Distressed by the issue of the successive construction bans, the real estate sector today met Union Minister, Bhupendra Yadav, Minister Environment, Forest and Climate Change. During this meeting, many distinguished personalities like Manoj Gaur from CREDAI NCR, Lalit Aggarwal-Vice Chairman-Signature Global, Harsh Bansal-Owner, Unity Group, Vipin Aggarwal, CMD, Nimbus Group and Satish Garg from Nirman Udyog Morcha alongwith various representatives from allied industries of Real Estate were present.
As part of the real estate fraternity, Lalit Aggarwal, Co-founder & Vice Chairman, Signature Global (India) Limited put forward very relevant points in front of the minister. He apprised the ministry and said, "There is no doubt that pollution has become one of the biggest challenges, especially in the National Capital Region. However, ad hoc blanket ban on all the construction activities has its own associated problems and impact. On the one hand, there are delays in construction and on the other hand, the cost of construction increases considerably. This leads to even more delay for the customers to get possession of their completed properties."
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He further added that, "Given that, most projects have a completion deadline as per RERA compliance, even more for projects in affordable housing segment, where there is statutory timeline of four years to complete the project, such bans every year cumulatively delay the project significantly. We request and expect that government will provide some flexibility either in the RERA deadlines or allow those activities which do not create pollution like painting, plumbing, wiring and soon."
He further added that Real estate is the second largest employment generating sector in the country. Such bans not only cause bottlenecks leading to the loss of jobs of lakhs of construction workers, but also causes huge losses to other allied industries related to the real estate sector. In such a situation, construction ban should be implemented only on very selective basis so that the health of people, employment, real estate business as well as the interests of the common home buyers are not affected.
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