Sunday, August 1, 2021
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Real estate sector in doldrums

The realty sector in our country in general and Mumbai in particular is in the doldrums with lakhs of flats lying vacant for want of buyers and other pressing issues. Most cities have become concrete jungles taking a heavy toll on environment and the government is responsible for such ill planned manner in which this sector functions. Too much corruption is associated with realty which is the reason why we have thousands of illegal structures in our country.

Where are the subsidized homes the government had promised for the weaker sections of the society? No new plans should be sanctioned till the inventory we have today is reduced. Redevelopment is in a mess as tenants and flat owners are on the roads as developers fail to fufill their promises. It is time the government addresses the problems associated with the sector urgently.

(The views expressed by the author in the article are his/her own.)

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