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Brihanmumbai Developers Association conducts Mega Unity Webinar

Tuesday, 09 Jun 2020
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The Brihanmumbai Developers Association (BDA) organised a ‘Mega Unity Webinar’ on 8 June 2020. The webinar saw participation of various developers associations, channel partners associations, architects/ engineers associations and allied associations together on a common platform for the first time ever.
 
The unique webinar hosted by BDA had representations from the 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, 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 & Engineers Associations like Architects & Engineers, Indian Society of Structural Engineers (ISSE).
 
The webinar primarily focussed on pain points of real estate and endeavoured to come up with practical solutions. Policy changes are prudent to overcome the slowdown and the challenges arising due to COVID-19 pandemic. Four keynote speakers put forward the overall situation of real estate in Mumbai.
 
Harrish Jain, Vice President, Brihanmumbai Developers Association (BDA), explained that real estate has been facing multiple problems and now the current crisis of COVID-19 has added to them. Earlier the various real estate associations were communicating differently with the government and that was not the right way. Uniting the associations will give a voice which is stronger and will help BDA to communicate with the government in the right way.
 
Nayan Shah, President, CREDAI MCHI, made a comparison between real estate as a percentage of India’s economy vis-à-vis that in the USA, UK and China. About six percent of India’s economy is real estate. India’s real estate value is USD 1.20-1.40 billion, which will go up to USD 500-600 billion in the next five-six years. The government of India is spending more than Rs seven lakh crores in agriculture, while the real estate sector is only asking for Rs 30,000-40,000 crore to grow from USD 140 bn to USD 500-600 billion. BDA will try to get relief from the Central government and the Reserve Bank of India and the Finance Ministry.
 
Ajay Ashar, spokesperson of CREDAI MCHI MMR Action Committee, pointed out that the restructuring of loans is very important. Home loan rates can be reduced. 
 
CA Ramesh Prabhu, Chairman, the Maharashtra Societies Welfare Association (MSWA), affirmed that redevelopment is the need of the hour for Mumbai; every society is looking for developers to perform but they are also faced by challenges. Applying GST on the rehab portion is a harsh step; the government needs to come up with some package for real estate and redevelopment.

 

 
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