India’s realty sector needs to reform itself before seeking lifeline from Modi
At its core – the industry needs improvement in its governance and transparency culture to gain the trust of its audience.
Is there a sector that does a poorer job of branding itself than the real estate industry? There are certainly other industries that are perceived to be dubious but it is unlikely that any other retail consumer-facing industry arouses the scorn that the construction industry does.
The reason I am addressing the topic this week is on account of one of the real estate associations, CREDAI, writing to the prime minister seeking support for reviving the battered industry. The letter included a laundry list of recommendations by the industry. Few of them are even reasonable. Social media is not fully representative but there was overwhelming desire from the public to see that the industry doesn’t get a helping hand.