“The impact of the pandemic on the real estate was severe as the sector was already grappling with the liquidity crunch and the growing concern of rising unsold inventories across the country. It further added not only financial but sentimental stress across the economy and sector that plagued in the last month of the financial year-end. Since the construction of the properties came to a full halt owning to lockdown to combat COVID19, there was a major ramification on ensuring the completion of the project in the given timeline. This announcement will provide a major relief to home developers as it provides the much required extra time for the completion and delivery of the project.”
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