Connect with us

Main

Naredco seeks suspension of NCLT law for six months

NIRANJAN HIRANANDAN

The National Real Estate Development Council (Naredco) has said that one of the biggest worries during the COVID-19 pandemic is that global investors may take over Indian companies at very low prices unless bankruptcy and insolvency laws are temporarily suspended.

In a media interaction on April 9, Niranjan Hiranandani, President of Naredco, pointed out that global investors are waiting for Indian stocks to fall in value to take over these listed companies at throwaway prices. “Hence in lieu of protecting the Indian companies, suspension of NCLT law for at least six months is imperative to salvage the capital erosion”, he said.

Hiranandani said the Government is looked upon to follow world economies to institute stimulus package of up to 10 per cent of the GDP. The industry, he said, seeks urgent infusion of nearly $200 billion which can pump into the market in a staggered manner to retrieve the business cycle without incurring further economic loss. The industry seeks working capital to ensure that the economy doesn’t tank; business organisations don’t default and saddle banks with NPAs, as also cause job losses, he emphasised.

Hiranandani said the real estate industry is presently estimated to incur a loss of Rs 1 lakh crore and it is rising with each passing day. He suggested that the economic stimulus package for all industries across the economy should be at least 10 per cent of the country’s GDP.

Latest News

Events2 days ago

Danube Properties’ Dh525 million Opalz sold out on the first day of launch

October 4, 2022: Danube Properties, the UAE-based affordable housing developer, said, its latest project Opalz, a twin-tower residential project with...

Events2 days ago

Pacific Mall D21’s ‘Dussehra Celebrations’ drops the curtain with high attendance

New Delhi: Pacific Mall D21 organised a two-day Dussehra celebration and Garba Night, attracting massive turnouts. The special arrangement of...

News2 days ago

Tata Value Homes sells over 100 residential units at New Haven, Bahadurgarh at launch

Delhi/Haryana October 4, 2022: With an aim to address the growing demand for quality homes in Haryana – Bahadurgarh, Tata...

New Launches2 days ago

Welspun Corp opens steel plant in Anjar

October 3, 2022, Anjar, Gujarat: Welspun Metallics Limited, a subsidiary of Welspun Corp Limited (WCL), the flagship company of the Welspun...

Events2 days ago

Over 1500 cyclists join Hiranandani Thane Cyclothon 2022 to support ‘Rhyme for Earth’ initiative

October 2, Thane: The Hiranandani Group hosted the first Hiranandani Thane Cyclothon today from its thriving Thane township, Hiranandani Estate. Over...

New Launches2 days ago

Ashiana Housing adds over 900 senior living units with Villas and Apartments with the launch of Ashiana Advik in Bhiwadi

New Delhi, October 3, 2022: New Delhi-based real estate developer Ashiana Housing has announced the launch of Ashiana Advik in Sector 39, Bhiwadi....

Trending