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HDFC's Deepak Parekh says developers may need to incentivise workers and lure them back amid coronavirus lockdown

Updated : April 15, 2020 09:26 AM IST

“Developers may have to be prepared to incentivise their workers and lure them back,” Parekh told CNBC-TV18.

HDFC chairman Deepak Parekh has said that the state governments need to incentivise migrant workers to return to work at construction sites amid the ongoing lockdown in a bid to revive economic activity in the country.

“Developers may have to be prepared to incentivise their workers and lure them back,” Parekh told CNBC-TV18 following the prime minister’s speech.

Prime Minister Narendra Modi announced a nationwide lockdown on March 24. The 21-day lockdown was to last until April 14. However, he announced an extension until May 3.

Economic activity across the country has ground to a halt as a consequence of the lockdown and migrant labourers have taken arduous routes back to their home states, sometimes on foot in the absence of transport facilities due to the lockdown.

Further, Parekh added that there is a need for waiver of stamp duty and registration charge on housing for a limited time such as during the September-October period.

There is a need to review ready reckoner rates more frequently, said Parekh. Staggered payment of charges like TDR, ULC etc should be permitted, he added.

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Published : April 14, 2020 01:00 PM IST

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