Developers have formed an in-house committee to take stock of the demand and supply scenario in real estate in India.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) formed the panel under the chairmanship of Sandeep Mehta, head of the developer body?s southern chapter, which in the next three months will come out with a procedure on how to get the correct numbers for the unsold residential stock in India. ?Since there is no official benchmark or methodology to ascertain the real demand and supply situation in the realty market, we felt that it was better that developers themselves formulate a mechanism rather than relying on third-party data,” Lalit Kumar Jain, CREDAI president, told FE.
The committee comprises developers from metro, tier-1 and tier-2 cities of the country. ?We are hopeful that within a year we should come out with reliable data on the actual demand and supply situation in the residential real estate segment in the country,” said Jain, adding that the committee would use the online medium for a study, the contours of which are being finalised.
Last month, the central government had said that there are five lakh units lying unsold in the country.
Developers disagreed with the number, calling it ‘inflated’.
The secretary for financial services D K Mittal then asked the realty industry to conduct a survey of unsold housing stock in cities in batches so that the banks have a clear idea of how much funds are required in the residential real estate segment and what will be the future demand for capital by this segment.
Mittal told commercial banks to fund partially completed residential projects in the country on a priority basis and to focus on funding under construction projects that are delayed due to want of funds.
