Tough times for real estate sector, need to find solution: HDFC MD

NEW DELHI: Real estate sector is passing through ‘tough times’ because of liquidity crunch and solution has be found to address the issue, HDFC Managing Director Renu Sood Karnad said on Tuesday.nnHowever, addressing realtors’ body CREDAI conference here, she said it is a ‘passing phase’ and the sector will only improve from the current cycle of low growth.nnKarnad asked builders to focus on reviewing their business policy to make it regulatory compliant and more consumer-centric.nnShe pointed out that developers have been facing cash crunch following the liquidity crisis in non-banking finance companies (NBFC) sector.nnKarnad said she never saw such a problem in real estate sector in the last 40 years and stressed on the need of finding a solution.nnShe said new realty law RERA and insolvency law would benefit the sector in the long run by bringing transparency and accountability.nnCREDAI Chairman Jaxay Shah said Indian real estate sector is resilient and will overcome this challenge. Association’s president Satish Magar talked about huge opportunity in the sector.nnAnshuman Magazine, Chairman and CEO of CBRE India, South East Asia, Middle East and Africa, said commercial and logistics segments have been performing well.nnEstablished in 1999, the Confederation of Real Estate Developers’ Association of India (CREDAI) is the apex body for private real estate developers representing 12,000 members through 203 city chapters. It holds NATCON, national conference, every year.nnSource: Press Trust of India