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Government must change the rule governing Metro Railway projects and Floor area ratio (FAR) from the existing 1km to 1.5 kms says Laxman Jaiswal…..

News Stardom: Kolkata, 7th May 2020 Laxman Jaiswal, Chairman & Managing Director of Ascon Infrastructure India Ltd, wanted an immediate and urgent relief for the real estate sector in the country. With large numbers of unsold ready to be walked in properties across India, he said the Union and State Governments must act responsibly and with a visionary approach to reduce the hardships of the real estate investors both buyers and sellers. In a statement issued today he said, “I would urge the Union Government to increase Floor area ratio (FAR) rule for the Housing Projects from the existing 1km to 1.5 kms within the periphery of the Metro Railway projects across India. The change will not only bring in additional revenue for the Governments both at the Centre and the States and also help partially revive the Real Estate Industry.” He also expressed optimism, “Though despite the lockdown the interest among buyers and bookings have been quite good in different parts
of the State.” In the statement, Jaiswal who heads one of Eastern India’s leading also requested the Union Government to give oxygen to the industry by giving it access to cheaper funding or delay liabilities by a year. He further stated “Demand risks for the housing sector are likely to increase, given the rising apprehensions on overall economic growth and contagion related fears leading to reduced walk-ins and inabilities to carry out site visits, resulting in a significant decline in new sales and the collections.”

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