India Real Estate Sector to share Pain Points with PM Modi: Brihanmumbai Developers Association (BDA)

Real Estate India News Magazine

No sector has remained unscathed from the onslaught of the corona outbreak and its impact on the real estate sector of India is huge. It is predicted that Mumbai- the financial capital of India- which is already witnessing its darkest days will be in danger of total collapse if critical steps have not been taken by the authorities.

Through a Mega Unity Webinar, Brihanmumbai Developers Association (BDA) has started a mass petition to share pain points and the grave crisis of India's Real Estate sector with PM Narendra Modi, a Surfaces Reporter magazine report. Various architects-engineers’ associations, developers’ associations, channel partners’ associations, and allied associations joined in to discuss the practical solutions and suggestions. In the webinar, BDA underlined the need for all stakeholders to come together on a common platform and convey specific changes that need to be implemented in order to bring the situation back to normalcy.

Although COVID-19 outbreak has severely affected the Real Estate sector, it has also given the real estate industry a ‘never before’ opportunity to reset and redo to reinvigorate cities like Mumbai.

The Vice President, Brihanmumbai Developers Association (BDA),Harrish Jain, explained, “This pain has brought us all together, it may unite us together also. Real estate has been facing multiple problems and now the current crisis of COVID-19 has added to them. Earlier we were communicating differently with the government and that was not the right way. Uniting the associations will give us a voice which is stronger and will help us to communicate with the government in the right way.We have to be united together to achieve progress.We have been discussing problems all through the lockdown period during the BDA webinar series, now let's concentrate on how to resolve them. Let us brainstorm and see how to get solutions out of this. Since there are so many associations participating today, we have to be united to resolve issues. Alone we are a drop, together we can be an ocean. There is strength in numbers, let's unite together.”

Comparing the real estate as a percentage of India’s economy vis-à-vis that in the USA, UK and China, Nayan Shah, President, CREDAI MCHI, said “About 6% of India’s economy is real estate. India’s real estate value is $1.20-1.40 billion, our share will go upto $500-600 bn in the next 5-6 years. The government of India is spending more than Rs7 lakh crores in agriculture, while the real estate sector is only asking for Rs30,000 - 40,000 crore to grow from $140 bn to $500-600 bn. We are going to try to get relief from central government and Reserve Bank of India and the finance ministry, not as a matter of sympathy but because we have strength and we can make a big difference in the economic status of the country. Apart from the pains that we are passing through, it is important to give this economic data to the Government. Real estate has a price multiplier effect. This is the extent to which real estate can make a difference.”

Praising BDA for accumulating several players on a common platform, Ajay Ashar, Spokesperson of the CREDAI MCHI MMR Action Committee, stated. “This is the right approach. When the Rs 20 lakh crore package was announced we had great expectations from the government as we are the second-largest employment generating sector. However, we were disappointed. Restructuring of loans is very important. Home loan rates to be reduced. So many things we are facing. I requested everybody, let us understand how much is the pain, how we can be united. We have to do something, get on one platform and focus. This is how the CREDAI MCHI MMR Action Committee was born. In no time we had 13 organizations ready to speak in one voice. In a democracy, everything comes down to numbers. We have so many different associations but all our causes are the same. If we unite and speak in one voice, nothing can stop us. If our combined voice reaches, it will resonate. Let's have one voice, one agenda and one platform. We should stand and support each other. If our voice is unanimous and having common goals we can achieve anything. The economy will be revived only if our industry is rolling.”

CA Ramesh Prabhu, Chairman, Maharashtra Societies Welfare Association (MSWA), affirmed that “We are facing a huge crisis. Redevelopment is the need of the hour for Mumbai; every society is looking for developers to perform but we also understand the challenges faced by them. Applying GST on the rehab portion is a harsh step, the government needs to come up with some package for real estate and redevelopment.”

Created out of a movement, The Brihanmumbai Developers Association (BDA) has collaborated more than 500 developers in a year. The association was the idea of mainly five developers who were involved in redevelopment projects in Borivali. However, soon the idea of such an organization took a fancy of developers across the city and therefore it was renamed and registered as Brihanmumbai Developers Association (BDA).

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