Dear real estate players, act on Piyush Goyal’s advice

Developers should cut prices, advertise and attract demand. The grand posturing of holding rates is only hurting them.

It is not easy to send India’s real estate industry into shock. The tasks involved in the construction business make most developers thick-skinned and almost insensitive to any feedback. From any quarter.

That changed on June 3. At a webinar hosted by NAREDCO, a real estate association, Railway Minister Piyush Goyal unleashed easily the most audacious take-down of the industry. He bluntly told the developers to cut prices and sell. He dismissed any hope of a bailout for the industry and said, “If any of you feels that the government will be able to finance in such a way that you can hold longer and wait for the market to improve, the market isn’t improving in a hurry. Things are seriously stressed. And your best bet is to sell.” It threw a shocked industry into disarray.

His tough talk almost made the prime minister’s powerful speech on February 13, 2019, to CREDAI appear soft in comparison.

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