亚博体育官网首页

Pain Points of Real Estate
Real Estate

Pain Points of Real Estate

Photo: For representational purpose

In the face of adversity comes opportunity. The COVID-19 crisis offers the real estate industry a 鈥榥ever before鈥� opportunity to reset and redo to reinvigorate cities like Mumbai. However, this can only happen if specific policy changes are announced by the authorities. These were the key takeaways from the Brihanmumbai Developers Association (BDA) 鈥楳ega Unity Webinar,鈥� held on June 8, 2020, which highlighted the pain points of real estate and endeavoured to come up with practical solutions and suggestions. The webinar brought various developers associations, channel partners associations, architects engineers associations and allied associations together on a common platform.

Harrish Jain, Vice President, Brihanmumbai Developers Association (BDA), explained, 鈥淭his 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.鈥�

Nayan Shah, President, CREDAI MCHI, made a comparison between real estate as a percentage of India鈥檚 economy vis-脿-vis that in the US, the UK and China. 鈥淎bout 6 per cent of India鈥檚 economy is real estate. India鈥檚 real estate value is $1.20-1.40 billion; our share will go up to $500-600 billion in the next five to six years. The Government of India is spending more than Rs7 lakh crore in agriculture, while the real estate sector is only asking for Rs 30,000-40,000 crore to grow from $140 billion to $500-600 billion. We are going to try to get relief from the Central Government and the 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.鈥�

Ajay Ashar, Spokesperson, CREDAI-MCHI MMR Action Committee, praised BDA for having accumulated so many players on one platform. 鈥淭his 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. 亚博体育官网首页 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 organisations 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.鈥�

Ramesh Prabhu, Chairman, Maharashtra Societies Welfare Association (MSWA), affirmed, 鈥淲e 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.鈥�

The webinar hosted by BDA had representations from the CREDAI-MCHI MMR Action Committee; developer associations such as CREDAI MCHI-Mumbai, MCHI-Thane, MCHI-MVC, MCHI-Vasai, Virar, MCHI-Raigad, MCHI-Navi Mumbai, CMDWA, MSDA, NMBDA, MCHI Kalyan Dombivli,聽 YOUTH Association, Progressive Neral Karjat, MBD, MHBA, Khopoli Builders Association; Channel Partner Associations like NAR India, AREA group, MEAA, GREA, GREAAT, KKEAA, TEAA, CREAA, REAAK, GEAWA, FMBPDA, Property PPL, SMART, MERA, NEPRA, KDRA, KEASWA, AWEAA, GEAWA, SPREA, SCEAWA, MBA; architects and engineers associations like Architects & Engineers, Indian Society of Structural Engineers (ISSE); The Maharashtra Societies Welfare Association (MSWA), Registration Fee& Stamp Duty Payers Association (REGD), Cooperative Societies Residents Users &Welfare Association and the Federation of Accommodation Industry of India.

The Brihanmumbai Developers Association (BDA) is created out of a movement. In a matter of 12 months, more than 500 developers mainly into redevelopment have joined the movement.聽

Photo: For representational purposeIn the face of adversity comes opportunity. The COVID-19 crisis offers the real estate industry a 鈥榥ever before鈥� opportunity to reset and redo to reinvigorate cities like Mumbai. However, this can only happen if specific policy changes are announced by the authorities. These were the key takeaways from the Brihanmumbai Developers Association (BDA) 鈥楳ega Unity Webinar,鈥� held on June 8, 2020, which highlighted the pain points of real estate and endeavoured to come up with practical solutions and suggestions. The webinar brought various developers associations, channel partners associations, architects engineers associations and allied associations together on a common platform.Harrish Jain, Vice President, Brihanmumbai Developers Association (BDA), explained, 鈥淭his 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.鈥漀ayan Shah, President, CREDAI MCHI, made a comparison between real estate as a percentage of India鈥檚 economy vis-脿-vis that in the US, the UK and China. 鈥淎bout 6 per cent of India鈥檚 economy is real estate. India鈥檚 real estate value is $1.20-1.40 billion; our share will go up to $500-600 billion in the next five to six years. The Government of India is spending more than Rs7 lakh crore in agriculture, while the real estate sector is only asking for Rs 30,000-40,000 crore to grow from $140 billion to $500-600 billion. We are going to try to get relief from the Central Government and the 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.鈥滱jay Ashar, Spokesperson, CREDAI-MCHI MMR Action Committee, praised BDA for having accumulated so many players on one platform. 鈥淭his 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. 亚博体育官网首页 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 organisations 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.鈥漅amesh Prabhu, Chairman, Maharashtra Societies Welfare Association (MSWA), affirmed, 鈥淲e 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.鈥漈he webinar hosted by BDA had representations from the CREDAI-MCHI MMR Action Committee; developer associations such as CREDAI MCHI-Mumbai, MCHI-Thane, MCHI-MVC, MCHI-Vasai, Virar, MCHI-Raigad, MCHI-Navi Mumbai, CMDWA, MSDA, NMBDA, MCHI Kalyan Dombivli,聽 YOUTH Association, Progressive Neral Karjat, MBD, MHBA, Khopoli Builders Association; Channel Partner Associations like NAR India, AREA group, MEAA, GREA, GREAAT, KKEAA, TEAA, CREAA, REAAK, GEAWA, FMBPDA, Property PPL, SMART, MERA, NEPRA, KDRA, KEASWA, AWEAA, GEAWA, SPREA, SCEAWA, MBA; architects and engineers associations like Architects & Engineers, Indian Society of Structural Engineers (ISSE); The Maharashtra Societies Welfare Association (MSWA), Registration Fee& Stamp Duty Payers Association (REGD), Cooperative Societies Residents Users &Welfare Association and the Federation of Accommodation Industry of India.The Brihanmumbai Developers Association (BDA) is created out of a movement. In a matter of 12 months, more than 500 developers mainly into redevelopment have joined the movement.聽

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement