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TN Dy CM Panneerselvam urges PM Modi to take measures to revive real-estate industry

Highlighting the difficulties and challenges faced by the sector, Panneerselvam, who holds the Housing portfolio in addition to Finance, said the real estate industry was a major contributor to the GDP and to growth

twitter-logoPTI | June 13, 2020 | Updated 20:27 IST
TN Dy CM Panneerselvam urges PM Modi to take measures to revive real-estate industry
Tamil Nadu deputy Chief Minister O Panneerselvam

Tamil Nadu deputy Chief Minister O Panneerselvam has urged Prime Minister Narendra Modi to initiate appropriate measures to revive the real estate industry, which is facing several challenges owing to the coronavirus-induced lockdown.

Highlighting the difficulties and challenges faced by the sector, Panneerselvam, who holds the Housing portfolio in addition to Finance, said the real estate industry was a major contributor to the GDP and to growth, both directly and through allied industries.

He wrote a letter to Modi on June 9 after having held detailed discussions with a delegation of real estate industry representatives earlier.

"The real estate sector provides large employment opportunities for unskilled labour and for others across different segments," he said in the letter.

"I request you to direct the ministries concerned to initiate appropriate measures for revival of the real estate sector," Panneerselvam added.

He pointed out that the Confederation of Real Estate Developers' Association of India (CREDAI) office bearers have requested the Prime Minister's intervention to revive the sector.

Earlier, during their meeting with Panneerselvam, CREDAI Tamil Nadu office bearers, led by their chairman S Sridharan, urged the Tamil Nadu government to consider reducing infrastructure and amenities charges and shelter fee.

According to sources in CREDAI, the delegation also requested the government to reduce stamp duty in the state which was the highest in the country.

The COVID-19 induced lockdown has severely impacted the real estate sector in the state,with the lack of workers being one of the key issues, in the absence of migrant workers.

Real estate firms in Tamil Nadu employ a large chunk of migrant labourers, and a preliminary industry assessment has estimated that about 70 per cent of them had returned home after the joblessness forced due to the lockdown.

Even natives of the state have returned to their respective districts, making it difficult for the projects to be taken forward and completed on time.

Also Read: COVID-19 disruptions take currency, deposits share in household assets to highest 66% in March

Also Read: Coronavirus crisis: India sees 11,458 new cases, 386 deaths in 24 hours; tally crosses 3 lakh mark

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