Low demand, high inventory; housing sector facing its worst: CREDAI head

Shah said that interest subvention is the "need of the hour"

Already reeling under liquidity concerns, low demand and high inventory levels, India's housing sector is facing its biggest-ever crisis amid the pandemic and the nationwide lockdown, says Jaxay Shah, the Chairman of the Confederation of Real Estate Developers' Associations of India (CREDAI).

Speaking to IANS, Shah said that the sector is currently in a "very fragile" state as it has faced several disruptions in the past four years, including demonetisation, Goods and Services Tax (GST) and the much celebrated Real Estate (Regulation and Development) Act.

Noting that jobs of about 12-13 crore labourers are at stake across real estate, infrastructure sectors along