Give Real Estate Sector An Industry Status: CREDAI to Govt

The Confederation of Real Estate Developers' Associations of India's (CREDAI) National Capital Region (NCR) chapter has demanded industry status for the real estate sector, following the suicide by a Pune-based developer, Suraj Parmar, The Times of India reported.

The builder and developers body went on a nation-wide strike on October 13, protesting the government policies and political interference in the sector.

Speaking to TOI Manoj Gaur, President, CREDAI, NCR, said that real estate sector must be given an industry status. Gaur said Parmar's suicide highlights the situation that most real estate developers in India were facing today. Despite being the biggest employment producing sectors after agriculture, real estate in India was not getting its due status, he said.

“In a country where the film producers are given loans by banks, builders are not. It is strange that the banks finance home buyers, but builders have to source money from other financial sources,” the report quoted Gaur as saying.

Last week, Parmar, chairperson and managing director of Cosmos Group and president of Thane chapter of Maharashtra Chamber of Housing Industry (CREDAI-MCHI), shot himself. In a suicide note, Parmar blamed the red tapism and non-payment of loans as primary reasons for the step. He had expressed his hopelessness in the system and the roadblocks, which he had been facing in taking off with his project and the financial grind that followed.

In a statement CREDAI said: "This is an appeal from CREDAI and its members to the government to create the right atmosphere of trust and co-operation. And take action to prevent delay in projects due to political interference and corruption so that we could invest all our strength in building a strong nation."