Pawar seeks PM Modi’s intervention for revival of real estate sector

Nationalist Congress Party (NCP) chief Sharad Pawar has expressed concerns over the current situation of the real estate sector and has sought the intervention of

Nationalist Congress Party (NCP) chief Sharad Pawar has expressed concerns over the current situation of the real estate sector and has sought the intervention of Prime Minister (PM) Narendra Modi. In a recent letter to the PM, Pawar requested Modi to consider the demands made by the sector for its revival.

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“Amidst the unprecedented Covid-19 pandemic and consequent nationwide lockdown, the real estate sector is in complete breakdown. 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 gross domestic product (GDP),” stated the letter written on May 27, which Pawar shared on Twitter.

Pawar said that the Confederation of Real Estate Developers’ Association of Indian (CREDAI), in an open letter on May 24, had made recommendations such as one-time restructuring, additional institutional funding, waiver of penal interest, policy innovations to trigger consumer demand, controlling cartelisation of raw material, changing criterion of affordability for GST applicability and operationalisation of SWAMIH (Special Window for Completion of Construction of Affordable and Mid-Income Housing) fund.

“The detailed presentation is self-explanatory. 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 the economy,” the NCP chief wrote.