Realtors body seeks recognition from PM
Economic Times

They never had it so good. Dalal Street rolled out the red carpet for them, international investors wrote fat cheques while home-buyers and corporates coughed up whatever price they demanded. They are the builders who have made the most out of a scary property boom. But there’s something they lack. And they are out to get it.

Even as they build houses, malls and townships, the builder community is quietly pursuing another agenda: ‘image building’ for itself. The builders. many of whom have also emerged as big tax payers, now want the government to recognise their contribution, may be through awards like Padmashri.
Allegations of land grabbing, cash transactions and raw deals have over the years built a stigma that has caught on and have even affected the images of realtors who have played straight. Now realtors have come together to seek Prime Minister Manmohan Singh’s intervention.

Builders Association of India, a representative body of the real estate industry, in a letter to the PM has reminded him that the government has never acknowledged the builders’ contribution in nation building.
Founded in 1941, the BAI has about 30,000 members all over India. It is one of the co-founders of the Construction Industry Development Council (CIDC), along with the Planning Commission. The CIDC is the umbrella organisation.

“The builder community has been systematically being ignored by the government despite its commitment to the society and its contribution in eradicating poverty,” the letter to the PM says. “Why ignore us when the government honours people from every walk of life?” it asks.
The letter, however, admits the existence of two sets of builders: reputed and the otherwise. Reputed builders and developers have executed projects according to Indian and international standards and they deserve the government’s recognition.

Throwing impressive numbers, the letter says that the real estate sector as a whole contributes 7% to GDP, employs over 32 million people, of which 18 million directly. Also, the sector accounts for about 40% of the gross investment.
Besides this, various state governments along with the Centre earn substantial revenue from the construction industry by way of income tax, service tax and stamp duty and registration fees, says the letter to PM. It also talks about how the industry has been actively helping the government achieve its various targets. It goes on to cite corporatisation of the industry and claims how the sector has become “sunrise” industry and the most sought after by the investors.

“We hereby urge the government of India to take note of the work done by Builders/ Developers for social, economical and aesthetical upliftment of the society,” it states. The association has recommended some of the names from the industry that have played a pivotal role in taking the nation forward.