Realtors see a ray of hope in the assurances given
by D K Mittal, Secretary of Department of Financial
Services in the Ministry of
Finance to Pradeep Jain, the chairman of
CREDAI.
"We had a very cordial and fruitful discussion
as we raised the various issues being faced by developers across the country in
terms of high cost funding and escalating cost of material which adversely
affect the cost of housing," Jain said in a statement.
"Mittal
promised that the government will look into the problems of the real estate
developers and work towards reducing the cost of financing through the banks
and financial institutions," he added.
Jain said discussions will be held in next couple of
weeks to prepare a roadmap how the real estate industry can be benefitted to
provide the affordable housing to common man. Emphasis is on making India ‘housing
surplus’ by 2020. CREDAI strongly believes that revival of real estate industry
will rejuvenate Indian economy as it contributes 11 per sent to the GDP.
CREDAI also wrote a letter to the Prime Minister
giving a 10 Point agenda of action for taking the nation on an accelerated
growth path by solving the housing problems and by bringing in reforms in areas
like land, administration, banking and tax for the real estate industry.
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