The issues discussed in the meeting ranged from financial crisis to policy paralysis
The suicide of a city-based builder Mukesh Savla has triggered a new debate within the real estate community. Earlier this week, a group of real estate brokers from across the city and top developers held a meeting at Khar to discuss a way out of the mess "the real estate sector has landed itself in".
Prem Batra, a realtor from Bandra, who was present at the meeting, said, "Savla is not the first builder to commit suicide because of financial losses. Earlier this year, another builder Sanjay Agarwal, shot himself at his Chembur office. As his friend, I knew him as a humble human being, he was law-abiding and benevolent. News of his death shook me to the core. After Savla's death, we decided to meet and discuss the issues plaguing the sector."
Keeping in mind the claims that financial stress is the reason behind the suicides, the participants discussed ways to get the market back on its feet. The issues discussed in the meeting ranged from financial crisis to policy paralysis.
According to another industry expert Ajay Chaturvedi, who was present at the meeting, policy paralysis is the reason behind the gradual death of the real estate industry. "Everything in this industry is stuck, even the redevelopment projects which impact common citizens. Brokers are suffering because they have to pay TDS along with other taxes. Thus, they are suffering. Policy paralysis is among other factors that have impacted the projects largely," said Chaturvedi.
The team has decided to meet again soon to strategise for the industry's revival "so that no one has to take any drastic step".
Manohar Shroff, one of the developers from Navi Mumbai present at the meeting, said, "At some places, the developer is in the wrong, in some customers are and at many places, government policies are. This is the reason why such things are happening, but we need to tackle them and hence we met."
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