Credai members meet finance minister; discuss impending disruption caused by COVID-19

The meeting with the finance minister was held in Kolkata

Moneycontrol News

Representatives of builders’ body Credai have met finance minister Nirmala Sitharaman and presented recommendations addressing challenges in the real estate sector and the impending disruption caused by COVID-19 pandemic.

The meeting with the finance minister was held in Kolkata on April 20.

"In a discussion with the FM @nsitharaman today, #CREDAI presented recommendations addressing challenges in the #realestate sector & impending #COVID disruptions which may impact #revival of #realty sector," Credai tweeted.

On April 7, the new national president of Credai Harsh Vardhan Patodia had said that the second wave of the COVID-19 pandemic is ‘worrisome’ and it may become a ‘short-term dampener’ depending on its intensity. But if there is no complete lockdown, sales may definitely touch the 2019 levels.

Patodia, is the managing director of Kolkata-based Unimark group.

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A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

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“We are worried over the second wave of the COVID-19 pandemic. If logistics and supply chain support is available and migrant labour is on site, I don’t think there will be a problem. Unless there is a complete lockdown, livelihoods lost or people unable to go to work, then the sentiments may get impacted and COVID-19 may turn out to be a short-term dampener,” he had told reporters at a virtual press conference.

However, if the impact is not severe like last year, “we will definitely touch the 2019 sales levels,” he had said.

Real estate developers have welcomed the government’s decision to make everyone above 18 years of age to be eligible for vaccination against COVID-19 from May 1, saying that it would enable migrant workers, especially construction workers to get vaccinated and help arrest another mass exodus of migrants.

On April 19, the Central government liberalised the vaccination drive to allow states, private hospitals and industrial establishments to procure the doses directly from manufacturers.
 “CREDAI welcomes the government's announcement allowing states to procure COVID vaccine directly from the open market and allowing opening up of vaccination for citizens above 18 from May 1 which is in line with CREDAI’s recommendation. Migrant workers and young population of our country are the backbone of economy and will be happy to take the shot. I hope that we vaccinate at a much faster pace and put the wheels of our economy back on track,” said Patodia had said.
Moneycontrol News
TAGS: #Covid-19 #CREDAI #Finance Minister #Real Estate
first published: Apr 20, 2021 09:27 pm