The Chembur-based developer’s suicide on Thursday reminded many of another builder Suraj Parmar’s suicide in 2015.
While the exact reason behind the builder’s alleged suicide on Thursday is yet to be ascertained, builders claim that lot of regulation is making things difficult for them.”It is a very unfortunate incident in which member of our developer fraternity had to take the extreme step of taking his own life. As per news reports late Agarwal was under tremendous stress because of his Chembur project was delayed. It is common knowledge that most developers in MMR area are under tremendous stress to perform and give timely possession of their projects while they are fully dependent for all approvals on other stake holders like approving authorities, various government agencies and bodies who do not have any checks on them,” said Nayan Shah, president of developers’ body CREDAI MCHI.
Realty developers have been requesting since the advent of RERA for implementation of section 32 (b) and (c) of RERA Act by which approving authorities actions can be put under check.
According to Shah, builders do not have any fall back mechanism where they can file complaints because as soon as they do it, various officials come together to ensure their voice is muzzled and business interests compromised.
Navi Mumbai-based developer Manohar Shroff claims that sluggish market condition has put further pressure on realty developers. “There is a need of dialogue between the government and the industry. Almost all the regulations that are being brought in are to regulate the developer community, while hardly anyone talks about accountability of other stakeholders,” said Shroff.