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.
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).