CREDAI members plan on clearing unsold houses
Confederation of Real Estate Developers’ Association of India (CREDAI) has asked its members to clear the inventory of unsold housing stock by reducing the prices.
The Finance Minister P Chidambaram has given few suggestions in order to clear the unsold stock which was accepted by the developers too. The members across the country have been asked to consider the proposal seriously, stated Lalit Kumar Jain, CMD & National President, CREDAI.
The government had instructed to reduce the prices of real estate sector and even the Finance Minister had asked banks to help builders. Owing to high prices, residential properties are out of reach to common man. Consequently, many unsold units started piling up.
Due to problems faced by builders, including lack of liquidity and delay in approvals, around half of the 3,23,000 apartments which were expected to be delivered in 2013 have been delayed.
A total of 1,60,622 residential units were launched in the first three quarters of 2012 in the top seven cities of India while 1,54,701 units were launched in the same period of 2011, reveals a new report by Jones Lang LaSalle India.
CREDAI observed that the stumbling realty sector can be revived by following few measures. The government has to ask banks to reduce rates of interest for both projects and buyers. Affordable housing and mass housing projects have to be developed more.
Read more real estate stories:
Residential realty market sees more launches this year: Report
CIBIL and CERSAI to join hands to help lenders with credit worthiness of realty
Affordable Housing, Banks, Buyers, CMD, Confederation of Real Estate Developers' Association of India, CREDAI, delay in approvals, Developers, finance minister P.Chidambaram, high prices, Jones Lang LaSalle India, Lalit Kumar Jain, National President, Real Estate Sector, Residential properties, unsold housing stock
[...] CREDAI members plan on clearing unsold houses [...]
[...] CREDAI members plan on clearing unsold houses [...]
[...] CREDAI members plan on clearing unsold houses [...]