CREDAI chief is all praise for the government’s pro-real estate measures
The real estate industry body CREDAI (The Confederation of Real Estate Developers’ Association of India) has explained about a few things which will bring cheer to the ailing sector. According to CREDAI, the string of measures announced for the real estate sector in the recent times will give a boost to the industry and will help in speedy completion of projects.
CREDAI national president C Shekar Reddy stated that the Centre has liberalised FDI norms to meet the growing housing needs in the country. He also feels that with relaxation in norms of CRR (Cash Reserve Ratio) and SLR (Statutory Liquidity Ratio) by the RBI (Reserve Bank if India), the housing sector will grow.
Reddy also mentioned that including Hyderabad under the priority sector lending (PSL) will give a major boost to the small and medium developers. Bringing affordable housing project finance and home loans up to 50 lakh in six metros is also a good move to revive the real estate sector.
The small and medium developers cater to the affordable housing segment, and are hoping to revive under tremendous market pressures. The government should look at safeguarding their interests. Guidelines for REITs, the real estate investment trusts, have been announced by the SEBI (Securities and Exchange Board of India) and Reddy feels that this will also boost the demand.
The government’s intent to provide housing for all by 2022 and the proposal for developing 100 smart cities should be beneficial for the nation as a whole and the real estate sector can recover its lost sheen though these measures. Reddy was all praise for the Telangana government which has promised to provide a two-bedroom house to the homeless. He mentioned that this will help the industry.
Source- Financial Chronicle
affordable housing project, C Shekar Reddy, Cash Reserve Ratio, CREDAI, CRR, liberalised FDI norms, RBI, Reserve Bank if India, SLR, Statutory liquidity ratio
