CREDAI asks for govt incentives to boost real estate
Reacting to the Union Finance Minister‘s advice asking realtors to download unsold stock at discounted prices, the Confederation of Real Estate Developers Association of India (CREDAI) has counter advised the minister to bring special incentives to boost purchase of houses.
Credai has been lobbying with the government to push for reforms in the real estate sector to make the real estate scenario better.
Credai national president Lalit Kumar Jain stated that real estate industry always have had to face high interest regime. Banks and finance companies are still wary of financing Real Estate sector as RBI always keeps it in the negative list.
Moreover, he said that developers across the country face administrative delays in getting government approvals for their projects, leading to cost escalations.
The developers’ body argued that it is unrealistic to expect developers to cut down prices of some of the unsold stock now as they had already incurred high cost.
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