CREDAI advised P.Chidambaram to bring down the cost of
construction and facilitate Real Estate Sector in terms of access to bank
resources and bank credits. The reactions came after FM’s address to chiefs of
Government owned banks.
CREDAI national president Lalit Kumar Jain said
"CREDAI appeals to Chidamabaram to look at ways to bring down the cost of
construction while taking steps to encourage buyers to have houses of their
own," He mockingly described FM’s statement as, “the government has
finally realized that "real estate kick-starts economic development".
He lamented the hostile conditions in which Real
Estate sector is striving hard. Banks and finance companies are still wary of
financing the real estate sector as RBI always keeps it in the negative list.
"It is ironic that while home loans area top priority, the home developers
are not," Jain regretted.
"The general sentiments in the market and
economy are preventing buyers to move and developers are unable to bring down
the prices because of very high cost of construction. Hence the demand-supply
mismatch continues with the housing shortage crossing the 26 million
mark," he added.
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