Real estate developers’ apex confederation asked its members to offload their unsold properties by lowering prices. CREDAI cautioned the necessity of selling of unsold real estate properties.
CREDAI’s national president Mr. Lalit Kumar Jain disclosed that the real estate builders would consider offloading their properties at lower rates. He was answering to the suggestions of P Chidambaram, the Finance Minister of India. Mr. Chidambaram suggested the real estate developers to reduce the prices. He said that it will create interests in home buyers as well as real estate investors.
Pointing vast number of unsold real estate properties, the Finance Minister asked the real estate developers to offloade these unsold properties at lower rates.
Finance Minister’s suggestion was discussed by CREDAI in their meeting held at Kochi in Kerala. In its Kochi meeting, CREDAI decided to lower property prices according to Chidambaram’s suggestion.
CREDAI had earlier declined to offload its unsold properties at lower rates. Real estate developers neither were willing to offer any discounts even. Real estate developers’ body CREDAI had said that such an act would lead developers to financial loss. Real estate developers’ apex body turned down the suggestion as they had invested greatly in each project.
Meanwhile CREDAI placed their appeal in front of the finance ministry. CREDAI pleaded to the finance ministry to consider their suggestions meant to renew real estate sector. Mr. Jain opined that revival of real estate sector will revive Indian economy which is highly sluggish now.
Mr. Jain expressed CREDAI’s content with the finance ministry. He said that it positively considered their proposals. He seemed cheerful over their expectations on the ministry. They expect the finance ministry to respond positively to their suggestions such as single window system and reduction of interest rates.
CREDAI pointed that single window system has become highly essential for speedy clearances. In the same way Reduction of interest rates by the banks will improve home buyers’ interest. Besides the apex body of real estate developers also demanded for a comprehensive real estate regulator.