Stating that the real estate sector in West Bengal has been badly hit by the nationwide lockdown imposed in the wake of the coronavirus outbreak, industry body CREDAI on Tuesday wrote to the central government demanding several relief measures.

In the letter, CREDAI’s West Bengal chapter president Sushil Mohta said the outbreak has spelt disaster for the real estate sector. 

It said that following the lockdown demand for homes and offices has totally evaporated, severely affecting cash flow from sales. 

It also affected the payment of rents by occupants, the letter said. 

The industry body sought deferment of GST and income tax payments due in March, April and May by at least 180 days, besides waiver of interest and penalty on delayed tax payments for the current financial year. 

It also said that the government should give a moratorium of six months on all due and overdue EMI/interest on all loans, including term loans. 

The real estate sector, once the lockdown is lifted, will require at least six months to mobilise people and other resources, it said. 

CREDAI said that to maintain business continuity during these six months, SEBI may kindly not treat as default the delays in debt servicing capital market instruments.

Source: PTI

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