Realtors in Bengal seek relief from govt, say COVID-19 lockdown badly hit demand

Kolkata, Apr 7 () Stating that the real estatesector in West Bengal has been badly hit by the nationwidelockdown imposed in the wake of the coronavirus outbreak,industry body CREDAI on Tuesday wrote to the centralgovernment demanding several relief measures.

In the letter, CREDAI's West Bengal chapter presidentSushil Mohta said the outbreak has spelt disaster for the realestate sector.

It said that following the lockdown demand for homesand offices has totally evaporated, severely affecting cashflow from sales.

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

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

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

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

CREDAI said that to maintain business continuityduring these six months, SEBI may kindly not treat as defaultthe delays in debt servicing capital market instruments. dcSOM SOM