Realtors to discuss crises plaguing building industry

Pune, March 26 (IANS) Alarmed by the crises plaguing the realty sector, top real estate corporate and builders from all over India shall converge here Wednesday to brainstorm and find solutions to revive the industry which contributes 6.50 percent to the GDP, a top official said here.

'The first of its kind, the national conclave is significant since the industry is at a virtual standstill in several states, including Maharashtra, owing to official delays in sanctions besides rising cost of inputs,' said Lalit Kumar Jain, president of the Confederation of Real Estate Developers' Association of India (CREDAI).

Given the seriousness of the issues hitting the industry, the two-day summit would attract CREDAI presidents from 112 cities in 19 states, he added.

Jain said that the discussions would cover all key issues impacting the industry, both from the developers' viewpoint and the home-buyers.

He lamented that although the CREDAI has been attempting to sort out the pending issues vigorously, 'the response from powers that be - both at the centre and states - has been abysmal.'

The conclave would take stock of the existing ground realities and is expected to come up with ready-to-implement industry solutions.

Among the issues likely to figure are the impact of the recent Union Budget, GST, Direct Tax Code, accounting guidelines, green buildings with energy savings and the Maharashtra government's recent move making it mandatory to reserve 20 percent of all development for private housing, which has pinched the sector.

'We shall discuss and scrutinize available opportunities in affordable housing as we are equally keen to ensure the government's goal of housing for all is achieved,' Jain said.