Builders Seek Speedy Project Clearance, Lower Interest Rates
Optimistic about the new Narendra Modi-led government at the centre, builders are seeking concrete reforms in the real estate sector. Easing up on interest rates and ensuring speedy clearance of projects is at the forefront of builders’ demands.
Cities such as Pune have been riding the sustainable housing wave for quite some time now. Encouraging this development, especially that of green housing projects, with clearing project approvals quickly will only augur well for the realty sector.
Chairman of the Confederation of Real Estate Developers Association of India (CREDAI), Lalit Kumar Jain is hoping for an all-round reform of the sector. He said the reforms should encompass the banking, legal, tax, and administrative aspects of the sector while seeking to minimize corrupt practices and mitigate housing shortage.
Chairman of Gera Developments and founder-president of CREDAI, Kumar Gera said the expectations that housing and infrastructure will get a much-needed push are in the air. He said that if the government came up with policies promoting affordable housing, several other allied sectors would get the impetus and significantly impact the country’s growth.
Brick Eagle’s managing director and chief executive officer, Rajesh Krishnan said the government should look into easing FDI norms for the sector. Currently, the minimum possible investment is as high as $5 million and the developers don’t have access to FDI. On the other hand, the end-users need more protection, as they’re still quite vulnerable when they enter into agreements with developers.
Source: The Times of India
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