CREDAI's plea to MPs to bring reforms in real estate biz

The country's lawmakers have been urged by the Confederation of Real Estate Developers' Association of India (CREDAI) to consider reforms in the real estate sector to boost growth.

CREDAI on December 10 wrote a letter to MPs and said that though the government is moving in right direction with bold reforms agenda, much more can be achieved without any controversy or incurring additional cost just by focusing on the housing sector.

CREDAI's National President Lalit Kumar Jain said that he has also mentioned a 10-point action plan drawn up by Credai to rejuvenate the sector. This action plan will help the economy to grow at much faster rate since realty contributes to the growth of over 200 other industries.

Real estate is highly capital and labour intensive which makes it the largest employer after agriculture, Jain said. The association added that there are some shortcomings in the proposed Land Acquisition and Real Estate Regulatory Bills which are likely to be moved in the ongoing session of Parliament.