Housing industry representatives met finance minister Nirmala Sitharaman on Sunday to press for a special package to revive the realty sector.
The Minister of State – Finance and Minister of Housing and Urban Affairs, along with government officials, also attended the two-hour meeting.
The National Real Estate Development Council (Naredco), Forum For People’s Collective Efforts (FPCE) and the Confederation of Real Estate Associations of India (Credai) represented the industry delegation.
Sitharaman is believed to have given a patient hearing on issues ranging from the NBFC liquidity crisis, taxes, last-mile funding and stalled projects, according to realty developers and representatives of homebuyers’ bodies who took part.
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In his representation, Naredco president Niranjan Hiranandani said real estate and infrastructure growth have been drivers of economic growth as well as job creation globally, and India was no different.
“Liquidity crisis and the need for tax rationalization are two major challenges facing India’s real estate and infrastructure industry, and quick resolution of the same would go a long way in enabling Indian real estate and infrastructure to play its role in enhancing GDP growth, as also creating jobs,” Hiranandani said.
Source: Economic Times
