Realty sector demands for ‘’Infrastructure Status’’, lower rates
Realty sector pins high hopes on the Modi Government and has expressed that they can fulfil the dream of ‘’Home for all’’ if their situation is safeguarded.
If the real estate industry gets the ‘’Infrastructure Status’’ then as per the Govt. of India rules, they can enjoy the benefits of loans from banks and financial institutes at a cheaper rate and for longer tenures. T. Chitty Babu, chairman & CEO of Akshaya Homes Pvt Ltd who is also an executive committee member in CREDAI stated that the current scenario is not conducive for the growth of the real estate industry. He stated that the industry needs a complete makeover where there should be speedy approvals to cut delays in project execution. That will lessen the interest burden on the developers. If this bureaucratic rape tapism is eliminated then the real estate industry can create a surplus of housing units in the entire country. The current scenario is that 90% of the urban poor does not have their own homes to stay in and are living in inhabitable slums.
Source Financial Chronicle
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