FM Sitharaman announces steps to boost real estate sector

Addressing a joint press conference in the national capital on November 12, Union Finance Minister Nirmala Sitharaman said, "Support for construction and infrastructure-performance security on contract to be reduced to 3% instead of 5%. Earnest Money Deposit will not be required for tenders and will be replaced by bid security declaration. Relaxations will be given till December 31, 2021." "For primary residential real estate sales, relief on the difference between circle rate and agreement value up to 20% vs 10% earlier. We expect a lot of clearance of inventories through this step," she added.