BENGALURU: With the state budget coming up, the National Real Estate Development Council (NAREDCO) (Karnataka Chapter) has recently sent out a letter to Chief Minister BS Yediyurappa seeking help in removing certain hurdles that are slowing the real estate and construction sector in the state. In addition to that, suggestions and recommendations were also included as the industry can be a growth engine for the next financial year during the current economic slowdown. One of the major issues is the sanctioning of projects and approvals.
“It is not that there is any dearth on the demand but it is stuck because of the issuing sanctions. There is no clarity nor any commitment given on that. Demand is there but no supply and currently we are lurking in the dark,” said Sathish Kumar M, state NAREDCO president.“This industry generates the maximum employment in the urban segments and again positively fuels the chain reaction for the economy,” the letter stated.
Kumar also explained that the conversion of manual files into online was announced six months but has been delayed as well. As of now, the revenue generated is approximately Rs 50,000 crores. “This can be tripled if these hurdles are removed,” Kumar added. Currently, an estimate of 60 per cent of the urban population in the State are residing in rented houses.