CREDAI writes Letter to the Prime Minister Modi For Survival of the Real Estate Sector

New Delhi - 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 trying to help to the government in this pendamic by suppling food, shelter, dispensaries, ICU’s and hospital facilities, medical aid for the people and migrant laborers (about 52 million employed in the sector)

In this 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.

We, therefore, pray for immediate intervention by our Hon’ble PM on the following recommendations as mentioned in the attached letter.