Just saw that Blue World City has offered to develop 5,000 homes and provide developed land for construction of 50,000 apartments –all worth of 8 billion rupees. It’s just days after the prime minister announced a relief package for the construction sector, which included that condition to reveal income source for property purchase this year is waived off. Can the timing of this generosity be a coincidence? I think not.
The CEO of Blue World City has also donated 20 million to the corona fund and gave the cheque to the prime minister. Now I don’t want to doubt the giving spirit of this nation but it seems to be that this year is going to see a lot of investment in real estate simply because of these incentives. All the black money will be whitewashed in the property sector once again, despite the PM’s best efforts to catch these white-collar criminals. Would the pros of this step outweigh the cons? How would the real estate sector/construction sector respond to this package? Would the experts care to comment?