Seeks Telangana Govt help to tackle COVID-19 challenge
The Confederation of Real Estate Developers Association of India (Credai) Hyderabad leadership team, led by P. Rama Krishna Rao, President and V. Rajashekar Reddy General Secretary, on July 9 discussed the key challenges faced by the real estate sector in Hyderabad and highlighted the inherent growth stimulators which will act as a catalyst to fuel the economic and real estate growth.
Effects of COVID-19 are felt around the world, said a press release by Credai Hyderabad. The real estate companies are being impacted due to the challenges of stoppage of construction, shortage of labor, difficulty in sourcing raw materials, and other issues. Delay in approvals for water and electricity is also causing inconvenience to the industry and the homebuyers. The impact of lockdown and COVID-19 is causing innumerable problems to the sector which is dampening the real estate growth in the city, added the release.
The leadership team of Credai Hyderabad recently met KT Rama Rao, Telangana Minister for IT, E&C, MA&UD, Industries & Commerce, and sought his intervention in helping resolve the same to help the industry deal with COVID-19 crisis. The minister appreciated the real estate sector for their efforts to support construction labour during the lockdown period. He assured CREDAI officials full support for most of the requests and instructed the officials to issue suitable orders.
For some issues, not directly under his purview, he assured to take the issues to the Chief Minister to seek his intervention and getting things resolved at the earliest.
Rao said, “COVID-19 is an unprecedented occurrence, which has severely impacted business and individuals alike. The lockdown imposed to contain the spread severely impacted the construction activity and caused delays in the plans for the developers impacting both the developers and homebuyers. With Unlock-1, we are faced with numerous challenges but we are determined to get the industry back on track.”