Real estate gets deeply hit by policy paralysis: CREDAI
The Confederation of Real Estate Developers Associations of India (CREDAI), the apex body of real estate developers from across the country, expressed that the government’s policy paralysis has severely impacted the real estate sector which is facing stagnation in growth.
CREDAI National President, Lalit Kumar Jain said that the economy is in a bad shape and there is an all round anguish. A widespread criticism is seen in India and abroad that policy paralysis has impacted the real estate industry in a big way.
The government has to appreciate the fact that realty sector supports over 250 other industries, contributes 11 per cent to GDP and is the largest employment generator after agriculture.
Jain said the CREDAI’s governing council would chalk out a plan and then announce it.
Realty sector is witnessing slowdown in demand due to high interest rates since last couple of years and economic slowdown in global and domestic markets.
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Source: The Economic Times
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