CREDAI puts forth pre-budget demands to boost the ailing sector
On Monday in New Delhi the realtors body CREDAI (The Confederation of Real Estate Developers Association of India) sought tax incentives on development of affordable housing projects and interest rate reduction on home loans to below 7 % while expressing their pre-budget wish list.
Single-window clearance for the real estate projects to reduce red tapism and expedite the clearances from various departments to ensure timely completion of the projects was another demand. The cost of delay in approval adds further to customers’ spending by 25-40 %. The real estate industry has been demanding for an Infrastructure industry status for quite some time now, so that they too can avail the benefits given to them by the government. This will ensure easier funding to the developers at lower interest rates. This demand was also put forward in this congregation.
CREDAI Chairman Lalit Kumar Jain mentioned that the affordable housing should be treated as priority sector and favoured a separate policy to boost this segment. He also mentioned that due to the lack of demand for commercial and residential real estate in the last few years, industry is going through tough times. The sales are at an all-time low and the ‘’ready to move in’’ dwellings inventory is increasing with the developers due to lack of buyers and due to all these there is a severe cash crunch which is delaying the deliveries.
Source- Financial Chronicle
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