Kolkata: The Regional Meteorological Centre in Alipore on Thursday predicted moderate to heavy rainfall in all the South Bengal districts in the next 48 hours while North Bengal may receive some scattered rainfall.According to the weather office prediction, North 24-Parganas, West Midnapore and the coastal districts of South 24-Parganas and East Midnapore are expected to receive heavy rainfall on Friday and Saturday respectively. There may some thundershowers and lightning in these districts in the evening hours. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaA MeT official said a low-pressure trough has formed over Andhra Pradesh-Odisha region which will bring about rainfall in South Bengal districts. However, the amount of rainfall in North Bengal will be reduced, barring a few scattered pockets. “A low-pressure trough formed over the coastal areas of Andhra Pradesh-Odisha will cause a moderate to heavy rainfall in the South Bengal districts bringing temporary relief from the scorching heat. The humidity level that has been prevailing in the city and other adjoining districts may slightly go down,” a weather official said. Also Read – Bengal civic volunteer dies in road mishap on national highwayThe city’s sky mostly remained cloudy on Thursday but the high humidity level continued to haunt throughout the day. There was scattered rainfall in some of the northern and southern fringes of the city and also the suburbs in the afternoon but it failed to bring the mercury down. The entire South Bengal is still reeling under rain deficit in the Monsoon season, projecting a deficit of around 60 percent in the current month.
New Delhi: After a welter of measures announced by Finance Minister Nirmala Sitharaman last week to deal with the economic slowdown and then RBI surplus’ transfer on Monday, the government will announce relief package for the real estate sector, under which a stress fund could be set up to help complete unfinished projects. The announcement is expected this week. Sources said liquidity problems and completion of stalled projects formed the core agenda of the meeting here on Sunday between Finance Minister Sitharaman and real estate players which discussed ways to create demand in the country’s realty market. Also Read – Thermal coal import may surpass 200 MT this fiscalLast Friday, she said the government would come up with “solutions” for stalled housing projects for stressed home buyers this week. Sitharaman announced more credit support to housing finance companies where she extended additional liquidity support to HFCs by the National Housing Bank, which has been increased from Rs 20,000 crore to Rs 30,000 crore. The government is also likely to make changes to the definition of affordable housing as sought by developers so that more projects can come under the category. Further, bank loans for developers, which have always been an issue as banks try to avoid lending to developers, may witness some favourable changes. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boostDevelopers and distressed home buyers had suggested to the government that a fund be set up for completion of stalled projects. Further, the real estate sector also received a shock after the National Housing Bank recently asked housing finance companies to stop funding under the subvention scheme. The government is likely to ease the recent direction in favour of developers. After the Finance Minister met developers earlier in the month, Niranjan Hiranandani, the President of National Real Estate Development Council (NAREDCO), said that the issue of ways to use stress funds for financing stalled projects was discussed. Hiranandani pointed out at the meeting that rationalisation of taxes and resolution of the liquidity crisis would be paramount in helping real estate and infrastructure get a boost, in turn enabling these to positively impact the economy in terms of GDP growth and job creation. Jaxay Shah, President of CREDAI, said that the organisation had suggested the inclusion of financial institutions under the ambit of the Real Estate Regulatory Act (RERA) in order to aid the completion of stalled projects. Creation of a stress fund and the inclusion of financial institutions undr RERA are likely to figure the government’s upcoming announcement on the realty sector. The home buyers’ association, Forum For People’s Collective Efforts (FPCE), in its letter to Sitharaman, had noted that the stalled projects can be solved with a stress fund of at least Rs 10,000 crore. “It should also be ensured that the promoters of projects which shall be completed from this ‘stress fund’ should be stripped of all their assets including personal and company’s assets, to realise the entire funding utilised for completion of those projects,” it said. Seeking amendments to the Insolvency and Bankruptcy Code (IBC), the forum said that as a home buyer is not a secured creditor, he or she would not be benefited in case of liquidation.