Suspend RERA till March 2021: BAI

“Similarly, collection of registration fees of all sorts should be suspended for the year 2020-21. The Regulatory Authority may be directed to extend maximum cooperation to the real estate developers to revive the stalled construction works,” Mu Moahan, president of the association urged in a representation.

Also, the association demands to lower the stamp duty and registration fees to be implemented throughout the country.

“Lowering the stamp duty and registration fees at this juncture will push up sales of housing units and boost the cash flow and morale of the sector,” Moahan pointed out.

Citing the huge balance available in Labour Welfare Cess Fund, the association also requested the government to suspend the collection of Labour Welfare Cess for the year 2020-21 and extend loans to the contractors from the fund as working capital at a reduced rate of interest.

“The government should consider directing the banks to waive off the interest of all loans provided to the construction industry till March 2021 and banks should be directed not to collect any additional levy for extending the bank guarantee till March 2021. Banks should also be instructed to pass on the decreased repo rate by the RBI to the industrialists,” he appealed.