Credai’s letter to PM Modi- Real estate sector in crisis, save government

The real estate sector had high expectations from the announcements of the economic package, but expectations were not fulfilled. Now the builders’ institution CREDAI (CREDAI) has written an open letter to Prime Minister Narendra Modi regarding his demands.

• CREDAI represents about 20 thousand developers
• The letter calls for immediate help from PM Modi

The real estate sector had high expectations from the announcements of the economic package, but expectations were not met. Now the builders’ institution CREDAI (CREDAI) has written an open letter to Prime Minister Narendra Modi regarding his demands. In the letter, PM Modi has been requested for immediate help to the real estate sector.

Actually CREDAI represents more than 20 thousand developers across the country. This institution says that one of the sectors most affected by the Corona virus is real estate, and the government had high hopes in the past. But the relief given is inadequate. Several demands have been made, including making cash available towards CREDAI.

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Real estate in crisis due to Corona

According to the institution, 52 million people get employment from this sector, but due to Corona, the sector has been badly affected. Despite this, in association with the government at the time of this disaster, it is helping in many ways including distributing food to the affected people. Now it is the government’s turn to think seriously about this sector and give quick relief.

CREDAI says that the existence of real estate is now under threat. In such a situation, the government should help us immediately. The realty sector has a significant contribution to GDP. Also, these sectors are connected to about 250 industries including cement and steel. Therefore, when the sector gets government relief, only the sectors associated with it will get a boost.

Demand for immediate relief from the government

CREDAI says that its demand is not only for the sector, it is also important for the Indian economy. There are initial problems in the real estate sector such as the liquidity crisis, fall in demand and cartilization. It is not possible to overcome it without government help.

It is worth noting that during the announcement of the economic package, Finance Minister Nirmala Sitharaman announced to extend the deadline for completion of realty projects by 6 months. But Credai has demanded intervention from the PM, calling it inadequate. The organization says that PM Modi will definitely listen to their demands.

 

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