On Thursday, Nationalist Congress Party(NCP) chief Sharad Pawar has written a letter to Prime Minister Narendra Modi saying that real estate sector was in a state of complete breakdown amid the lockdown enforced due to the novel coronavirus pandemic.
"Amidst unprecedented pandemic Covid-19 and consequent nationwide lockdown, the Real Estate Sector is in a state of complete breakdown," Pawar said in the letter.
The massive outflux of labourers, halted work and sales for almost three months, stagnant consumer demand and impaired economic activities have taken a toll on this industry which contributes substantially to the national GDP, he said.
The NCP chief said that the Confederation of Real Estate Developers Association of India (CREDAI) too has written an open letter to PM Modi in the context and requested his immediate intervention.
He stated that CREDAI had made a few recommendations with this respect such as one-time (loan) restructuring, additional institutional funding, waiver of penal interest, policy innovations for triggering consumer demand, controlling cartelization of raw material, changing criterion of affordability for GST applicability and operationalisation of SWAMIH fund to help the sector, he said.
Pawar further requested Modi to personally initiate necessary measures for the revival of the real estate sector.
"I shall be grateful if you personally look into the matter and initiate necessary measures for revival of one of the most important sectors of economy i.e. the Real Estate Sector," Pawar said in the letter.
Sharad Pawar shared the letter on Twitter and said, "I have written a letter to Hon. Prime Minister Shri. Narendra Modi to express my deep concern over the current scenario of Real Estate Sector in India, amidst the unprecedented pandemic #Covid_19 and consequent nationwide lockdown."
