Comments
The Bengal chapter of the Confederation of Real Estate Developers Association of India (CREDAI) has claimed that there is no further scope for a reduction in housing prices.
In fact, the developers’ association has demanded a reduction in home loan rates and providing for faster approvals.
The move comes days after the RBI Governor Raghuram Rajan advised builders stuck with unsold inventories to cut rates.
“Any further decrease in sale price would be a deterrent for the growth of the industry. To us it is now on the State Governments and the Central Government to rationalise the taxes, streamline and simplify the approval process of building plans and other related clearances which will bring down the property prices providing relief to home buyers,” Sushil Mohta, President, CREDAI – Bengal said.
According to Mohta, a process time of a year escalates the unit cost by nearly Rs 200 - 1000 per sq. ft. depending on the location of the land by way of interest.
“We also believe that a rate cut in home loans is also the need of the hour to relive the home buyers from the huge burden of mounting EMIs,” Mohta added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.