TN deputy CM seeks PM Modi’s intervention to revive real estate industry
O Panneerselvam’s letter to the Prime Minister also highlighted the fact that the real estate sector was a major contributor to the Gross Domestic Product (GDP) and to growth, both directly and through allied industries.
Tamil Nadu’s deputy chief minister O Panneerselvam has said that the real estate sector is facing many challenges due to the Covid-19 lockdown, seeking Prime Minister Modi’s intervention to initiate appropriate measures needed to revive the industry.
The deputy CM’s request was made through a letter that he wrote to the PM on June 9 following a meeting with the representatives of the industry in the state, reports news agency PTI.
“The real estate sector provides large employment opportunities for unskilled labour and for others across different segments,” Panneerselvam, who also holds the housing portfolio, said in the letter.
“I request you to direct the ministries concerned to initiate appropriate measures for revival of the real estate sector,” the PTI report quoted him as saying.
The deputy CM also highlighted the fact that the real estate sector was a major contributor to the Gross Domestic Product (GDP) and to growth, both directly and through allied industries.
Like elsewhere in the country, the lockdown to curb the spread of coronavirus disease has severely impacted the real estate sector in Tamil Nadu as well. One of the major problems being faced by the industry is lack of workers.
A preliminary assessment of the real estate in the southern state has estimated that about 70 per cent of the migrant workers employed by construction firms had returned home facing joblessness during the lockdown, says the PTI report.
O Pannerselvam is not the only leader to have written a letter to Prime Minister Narendra Modi about the current situation of the real estate sector.
Late last month, Nationalist Congress Party (NCP) chief Sharad Pawar, too, wrote to the PM, requesting him to consider the demands made by the sector for its revival.
“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.
(With inputs from PTI)