Chidambaram urges banks to put pressure on developers to lower prices
The Finance Minister has urged the chiefs of government-owned banks to put pressure on real estate developers to lower property prices. This has been done in order to get the economy moving, which has been hit by a slowdown.
In a meeting with bank chiefs, Finance Minister, P Chidambaram, asked the bankers to influence builders to lower the prices of apartments that are ready for possession but not getting sold as the inventory keeps on mounting.
The minister also stated that builders should take a re-look at the market condition and should bring about reduction in prices across sections – from premium to affordable. He clearly stated that banks should exert pressure on builders to lower prices since they fund both the builder and the retail home loan borrower.
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Finance Minister, government-owned banks, Home loan borrowers, lower prices of property, Public sector banks, Real Estate Developers, Real estate in India, Real Estate India, Realty News
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