CREDAI MCHI launches ‘Revive Real Estate Campaign’

Real Estate

CREDAI MCHI, an apex body of developers recognized by the Government of Maharashtra, has launched an online campaign #ReviveRealEstateReviveEconomy. Emphasising that the recently announced  Rs 20 lakh-crore package offers minuscule benefit to the real estate sector in the current lockdown crisis, it has conveyed that the real estate sector supports 250 industries, contributes about 8% to the GDP, and can generate five crore jobs. Hence it needs immediate attention from the government.

CREDAI MCHI has called for a reduction in the interest on home loan rate to 5% by passing on the accumulated benefits of repo rate cut that will benefit the end-consumers. Moreover, it has also asked for a one-time restructuring of the developers’ loans, besides extension of the timeline for project completion by a year and GST reliefs, among others.

All these demands have been raised through a petition by the MMR Action Committee of CREDAI-MCHI. The representative of MMR Action Committee Ajay Ashar said that urgent intervention of the government is required to revive the real estate industry. The petition mentioned that every rupee spent on construction activities increases the output of the overall economy besides generating employment for workers.

CREDAI MCHI has also requested to double the benefits of PMAY and extend this scheme to the entire country. GST Input Tax Credit extension to new projects was also sought through this petition. Among the other demands included an increase in the Special Window for Completion of Construction of Affordable and Mid-Income Housing (SWAMIH) fund to Rs one lakh crore and speedy clearance of Indian Navy and aviation NOCs. Due to want of these approvals over 25,000 buyers are stuck, says the petition.

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