New Delhi: The real estate sector has been the worst hit due to the slowdown in the economy. Many real estate companies have been declared bankrupt. The Central Government has now initiated serious efforts to salvage the sector from recession. Union Finance Minister Nirmala Sitharaman is meeting the people of this sector to understand their problems. The government may set up a special fund to salvage the real estate sector from the crisis after the meeting.
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Finance Minister Sitharaman held two separate meetings to discuss the capital crisis in the real estate sector, lack of demand and bottlenecks in projects. The first meeting was held with two major real estate sector organisations - CREDAI and Naredco, while the second meeting was held with the people who bought the houses. The meeting was attended by Housing and Urban Affairs Minister Hardeep Singh Puri, Minister of State for Finance Anurag Thakur and officials of the Ministry of Company Affairs, Department of Economic Affairs of the Ministry of Finance, Revenue Department and senior officials of CBDT and senior officials of RERA.
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According to sources, a high-level meeting chaired by the Cabinet Secretary is likely to be held in the coming weeks. A fund can be set up to speed up the stuck projects and drive millions of home buyers out of the crisis. Talking to reporters after the meeting, Minister Puri said that there was a positive discussion in the meeting with the representatives of the real estate sector. The meeting clarified the situation on a number of issues. The government will address a number of issues in the coming days. Significantly, many companies are stuck in court cases for not giving them money on time.
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