Indian PM Narendra Modi, who is a big proponent of the Indian IT market, said data from insurance companies is not the same as the real estate data that is used by real estate agents and developers.
PM Modi, addressing the Congress party’s National Policy Conference in New Delhi, said that while he would not be able to guarantee the availability of PMI data, he would be able guarantee that it is accurate.
Modi, a leader of the Opposition Congress Party, has been fighting hard for better data from the Indian government and has accused insurance companies of selling cheap insurance at inflated rates to private buyers.
“The real estate sector is a monopoly.
The insurance companies have the right to do what they want.
It is not our problem.
If there is any dispute, they can have the dispute decided in their own courts.
We will not let them,” he said.
Modi also accused the PMI of not doing enough to help real estate development.
He said that PMI’s data does not give the real-estate data, and it was also not clear what information was being provided to the realtors.
“This is an issue that is not being dealt with,” Modi said.
PMI said the realty industry is a market, and that the data was not available.
“PMI is the only company that provides the real numbers, but they have failed to make it available to the public.
They are just using data that other companies are using.
The data is not accurate,” a PMI spokesperson told Quartz.
The PMI CEO said the data is being used for various purposes, including to promote the market.
Modi said the Prime Minister was “not going to allow a single person to buy a house, even a property of one million rupees.”
Modi, however, said he would work with the PMO to get the real data for the realtor sector.
PM’s visit comes as he tries to build momentum ahead of his first overseas trip.
In a recent visit to India, Modi visited the Jammu and Kashmir capital, Srinagar, where he met Kashmiri separatist leader, Mufti Mohammad Sayeed.
The two discussed the state of affairs in Kashmir and the ongoing ceasefire in the region.