“Real estate industry needs over 250 products out of which 90% is manufactured indigenously and 10% products like furniture accessories , decorative items, High speed elevators, tiles used to be imported from different countries including China. Now We have decided to substitute most of these items with indigenous products to support Indian economy at large and if required, will import from friendly countries like Japan, Korea etc”, added Mr. Mohta.
Due to COVID 19 there is a disruption in supply chain emanating from CHINA which led to delay in completion of projects. Local production and purchase will lead to reduced procurement time, minimal loss of production hours and increased employment opportunities. Most of the raw materials being used are already being manufactured by the MSME sector in the country. CREDAI is ready to extend its support to the local manufacturers for production of materials which are currently being imported and make a shift from Videshi to Swadeshi. The sector already employees more than 52 million workforce in the country and this move will further multiply employment opportunities and give the required stimulus to the economy. Additionally this step will provide a boost to more than 250 allied MSME industries linked with the realty sector and in turn will increase the overall contribution to the GDP.
About CREDAI:Established in 1999, The Confederation of Real Estate Developers’ Association of India, is the apex body for private real estate developers in India, representing over 20,000 developers through 21 states and 220 city chapters across the country. CREDAI has worked hard to make the industry more organized and progressive by networking closely with government representatives, policy makers, investors. CREDAI works towards improvement of ethical standards & business practices in real estate. CREDAI is well-recognized by the Central and State Governments in all its endeavours