Court order will have adverse effect on realty in Gurgaon: Assocham
In an expected reaction, industry body Assocham on Tuesday said the realty sector and investments in Haryana will be hit following the High Court order directing the state government not to issue permits for construction unless builders give in writing that groundwater will not be drawn by them.
The body asserted that the order could be a severe jolt to the realty sector as well as it would hurt investment scenario in the state. It urged the state government to ensure availability of basic infrastructure like water in Gurgaon, which is a hub of domestic and MNC firms, mostly in the services sector like IT business outsourcing.
The large amount of investment that was drawn by Haryana was largely due to a construction boom in Gurgaon and the recent order could pose a serious threat to the inflows.
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Source: PTI
ASSOCHAM, Buildings, Construction, Court order, Gurgaon, Gurgaon real estate sector, Haryana, High Court, Investment, IT business outsourcing, Realty sector
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