New Delhi: Acknowledging that the real estate sector is in a state of a complete breakdown in Maharashtra, NCP chief Sharad Pawar on Thursday has written a letter to Prime Minister Narendra Modi to draw his attention towards the sector, saying PM Modi should look into the issue personally. Also Read - Maharashtra News: Uddhav Meets Pawar, Rumours Fly on Maha Vikas Agadhi's Stability; Sanjay Raut Says 'Govt Strong'
Writing the letter, Pawar urged PM Modi to undertake measures to revive the sector which has been hit hard by the coronavirus pandemic. Also Read - Ajit Pawar Urges Railway Ministry to Run Special Trains For Migrants in Maharashtra After Lockdown
“Amidst unprecedented pandemic Covid-19 and consequent nationwide lockdown, the Real Estate Sector is in a state of complete breakdown,” Pawar said in the letter. Also Read - Govt Must Take Precautionary Steps to Avoid Repeat of Bandra Gathering, Says Pawar
Sharing a copy of the letter on Twitter, Pawar said that the massive outflux of labourers, stoppage of work and sales for almost three months, stagnant demand and impaired economic activities have taken a toll on this industry which otherwise contributes substantially to the national GDP.
He also mentioned in the letter that the Confederation of Real Estate Developers Association of India (CREDAI) too has written an open letter to PM Modi about the crisis and requested his immediate intervention.
“The CREDAI has made a few recommendations such as one-time (loan) restructuring, additional institutional funding, waiver of penal interest, policy innovations for triggering consumer demand, controlling cartelisation of raw material, changing criterion of affordability for GST applicability and operationalisation of SWAMIH fund to help the sector,” he said in the letter.
In the letter, he said that he will be grateful to PM Modi if he personally looks into the matter and initiates necessary measures for revival of one of the most important sectors of the economy.