MUMBAI, 25th MAY, 2020 (GPN):  The apex developer’s body representing more than 20, 000 developers across the country  has  written an open letter to Hon’ble PM Sh. Narendra Modi seeking immediate measures to revive the ailing real estate sector, which remains one of the most affected sectors due to COVID 19. CREDAI has stood with the government in these unprecedented times by contributing and providing food, shelter, mobile dispensaries, ICU’s and setting up hospital facilities, medical aid for the affected people and migrant laborers (about 52 million employed in the sector)

In this distressful situation arising out of the COVID-19 calamity, we in the Real Estate Sector seek immediate relief for our survival. The Realty sector contributes substantially to the GDP & accounts for almost 11% of banks credit besides having backward & forward linkages with almost 250 industries including cement & steel etc.

 

The sectors survival, therefore, is not just desirable, it is rather crucial for the economy. Liquidity crunch, stagnant demand and cartelization of the raw material are major impediments for the Real Estate Industry to kick start.

Letter Copy Attached: CREDAI hopes for immediate intervention by our Hon’ble PM on the recommendations as mentioned in the attached letter.

About CREDAI:

Established in 1999, The Confederation of Real Estate Developers’ Association of India, is the apex body for private real estate developers in India, representing over20,000 developers through 21 states and 220 city chapters across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors. CREDAI works towards improvement of ethical standards & business practices in real estate. CREDAI is well-recognized by the Central and State Governments in all its endeavors.