Pawar concerned over 'breakdown' in realty sector

Nationalist Congress Party (NCP) President Sharad Pawar on Thursday expressed concerns that amid the Covid-19 pandemic and the subsequent nationwide lockdown, the realty sector is in "a state of 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 GDP," Pawar said.

In a letter to Prime Minister Narendra Modi, the NCP supremo also forwarded an open letter of May 24 from the Confederation of Real Estate Developers' Association of India (CREDAI), highlighting the issue.

The CREDAI has demanded immediate interventions in the form of one-time restructuring, additional institutional funding and waiver of penal interest.

The realtors' body has also urged for policy innovations for triggering consumer demand, controlling cartelisation of raw materials, changing criterion of affordability for GST applicability and operationalisation of SWAMIH Fund, etc.

Pawar requested the Prime Minister's personal attention into the matter, and initiation of necessary measures to revive one of the most important sectors of the economy.

( With inputs from IANS )