Mumbai: The Real Estate sector received a body blow as the Finance Minister Nirmala Sitharaman has reportedly completely overlooked the sector amidst coronavirus crisis. The Real Estate sector caters its services to other 250 sectors of the economy. The developers however say that the government support can hold the sector from a collapse.
Last week Prime Minister Narendra Modi had announced a package of 20 lakh crore rupees to revive the country’s economy in view of Pandemic crisis due to coronavirus. The developers were glued to the speech by FM Sitharaman. However, in the final portion of stimulus package the FM completely overlooked the Real Estate industry.
Immediately after the final announcement problems were discussed by the developers in a webinar conducted by Ajay Ashar President of Thane Unit of Maharashtra Chamber of Housing Industry (MCHI) – the apex real estate industry body. About 700 members (builders and developers) of the MCHI took part in the webinar. They stressed the neglect of the real estate industry by the government and decided to take some of the demands of these industries to the Prime Minister.
“The resentment among the builders is obvious as the Real Estate Industry is not included in the economy revival package. There are several industries kept out from the stimulus package of 20 million crores. There are challenges in the industry presently as in effect of lockdown,” said Niranjan Hiranandani, President of the National Real Estate Development Council (NAREDCO).
The industry is although permitted by the government to operate it has come to a standstill for several reasons among them are procurement of material and labourers at the working sites.
“We are permitted to start operations by the government however there is no planning for reviving the Real Estate sector economy. It is like the other industry has been given love and respect but we are being treated like step-children. The government could have at least subsidized the procurement of materials benefitting all,” said Suhail Khandwani Chief Executive Officer of Khandwani Group.
The state of the sector has been extremely poor for the last four years and is in a state of disarray. Currently the condition of this sector falls under sick industry category. If the central government does not come to the rescue of this sector, it may give rise to massive unemployment and 90 percent of the developers may have huge financial losses resulting into huge Non-Performing Assets (NPA).The builders and developers voiced concern that during this lockdown banks should not charge interest from any builder, so that the Real Estate sector can survive and the country can quickly become self-reliant.
“We have approached the Central Ministry and asked them to look into the issues, especially put forth demand of only 50 % GST across the board,” added Hiranandani.- By Santoshee Gulabkali Mishra
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