5-yr construction ban: Real estate players Shobha, Brigade group feel the heat

Bengaluru, 30 June 2019 [Fik/News Sources]: Days after Karnataka government contemplated a five-year ban on construction of multi-storeyed residential buildings in view of the acute water crisis shares of Bengaluru-based real estate players Sobha and Brigade Enterprises plunged up to 5 per cent.

Deputy chief minister Dr G Parameshwara on Thursday, June 27 said that builders sell the apartments to families without assuring them of water availability. When the water sources go dry, apartment dwellers depend on tankers. But the water supplied through tankers, allegedly, causes water-borne and skin diseases, he added.

Due to water scarcity, there were deliberations on banning the construction of apartments in Bengaluru for the next five years, Parameshwara said.

The government would soon convene a meeting of all the builders and developers to seek their opinion on the issue to take a final call, he said.