25th May 2020 | Delhi/NCR : The apex developer’s body representing more than 20, 000 developers across the country have 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, shelters, mobile dispensaries, ICU’s and setting up hospital facilities, medical aid for the affected people and migrant labourers (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. We contribute substantially to the GDP & account for almost 11% of bank credit besides having backward & forward linkages with almost 250 industries including cement & steel etc.
Our 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. We, therefore, pray for immediate intervention by our Hon’ble PM on the following recommendations as mentioned in the attached letter.