News Karnataka

Real estate is providing jobs to 20 crore people: CREDAI chief

Real estate is providing jobs to 20 crore people: CREDAI chief

U K   ¦    Dec 07, 2018 12:24:30 AM (IST)

Real estate is providing jobs to 20 crore people: CREDAI chief-1Geetamber Anand, Chairman, CREDAI

Mysuru: "About 20 crore people across the country depend on real estate for their bread and butter, directly and indirectly. Hence the government should give priority to addressing the issues related to real estate, said Geetamber Anand, Chairman of CREDAI.

Addressing media persons, Geetamber said, “Last four years, due to demonetization, GST and RERA, not only real estate faced problems but also SMEs and MSMES. Hence we the request government to address few problems related to GST including those of SMA 1 and 2. RBI should allow restructuring of loan and debt schemes and make basic amendments in the rates of land across the state. Real estate which provides direct jobs to 5 Crore people has the potential to increase GDP from single digit to double digit. There is a huge opportunity as there is a shortage in creating housing facilities”, added Geetamber.

Jaxay Shah, President of CREDAI, said, “If the government gives us chairmanship of RERA, Bengaluru we are ready to solve the issues related to illegal layouts due to which thousands of people in in Bengaluru alone are facing problems. We have already solved such issues in Maharashtra. Among the 5200 people who had issues we have managed to provide justice to nearly 4200.”

“The real estate industry status is the most fragile today among 700,000 industries. With one GST, all industries have been shaken. At CREDAI, we constantly try and motivate our members to focus on Tier 2, 3, 4 cities as already Tier 1 cities are saturated. Tier 2, 3 and 4 cities are the future of new India. A decade ago, Bengaluru was considered as Tier 2 city but now it is a saturated Tier 1 city. Mysuru which is Tier 2 city has got all the potential to become Tier 1. The next endeavour of our youths is the CREDAI youth event in Feburary in Gujarat. For the next five to 10 years, they will be visiting small cities and work to boost local economy. Next 10 years will be years of real estate, particularly with regard to creating comfortable housing”, added Shah. CREDAI members also believe that the recent policy initiatives of the government provide an extremely exciting opportunity for the real estate fraternity in the emerging cities of India. With Prime Minister Narendra Modi’s project of ‘Housing for all by 2022’ coupled with the smart cities vision are the catalysts for the real estate industry and the economy generally", he added.