CREDAI demands reduction in interest rates
Apr 09, 2014
Source : The Times of India


HYDERABAD: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body for private real estate developers in India, seeks a pro-growth stance on the policy rates. It also demands a reduction in interest rates to put growth and demand on the fast track, and develop the housing sector in the economy which has been completely ignored by the successive governments.

C Shekar Reddy, president, CREDAI- National said,” The real estate sector has been grappling with high input costs, high cost of funds, and a moderate demand, over the last few months. The sector has been ignored and needs immediate focus to build confidence. Now, with wholesale price inflation at under five per cent and retail inflation at around eight per cent, growth stimulus should be injected into the economy with a reduction in repo rates to trigger lowering of home loan rates and lending rates for real estate projects. We are looking forward to a robust 2014 with a stable government at the centre and economic enablers to stimulate growth.”

Reddy further said, “According to the ministry of housing and urban poverty alleviation (MoHUPA) estimates, present housing shortage is 8.7 million units and total housing requirement expected to be 60 million units by 2030 in India. The government needs to support the sector by focusing on development initiatives such as recognising affordable housing as a priority sector for funding and providing added incentive to lenders, developers, and the economy at large. The RBI suggestion to banks for allowing pre-payment of floating term loans without any penalty is a welcome step and should be implemented in the interest of the customers.”

The housing sector is poised to grow manifold in the next decade and a half, and will require a capital investment of about $1.2 trillion. RBI should liberalise norms, increase lending to the real estate sector in line with the global exposure of 24 to 32 per cent, as against the present 12 per cent, and lower interest rates. This will help the sector with high multiplier effect to propel the economy to double digit GDP growth, leading to accelerated capital formation not only in this sector but also in all allied industries.

Latest Realty News

5 ways to earn a good return on property investment
Apr 09, 2014
HYDERABAD: If someone is looking for low – risk and secured investment which offers good potential in the long run, then property investment would be the right choice. Investment in real estate tends to be less volatile than other investment avenues. Monetary triumph is achievable to quite an extent by investing in real estate sector.
Kompally: The developing area of Hyderabad
Apr 07, 2014
HYDERABAD: From being a village on the outskirts of Hyderabad, known for its grape orchards and farm houses, Kompally has come a long way. It is now being included in the list of favourable destinations for residential villa developments in Hyderabad.
Credai favours lower interest rate regime to boost housing sector
Apr 02, 2014
HYDERABAD: The Confederation of Real Estate Developers’ Association of India (Credai) today urged the Government to focus on development of the housing sector by reducing interest rates.
Greater Hyderabad Municipal Corporation targets Rs 1,111-cr property tax
Mar 31, 2014
HYDERABAD: Greater Hyderabad Municipal Corporation (GHMC) commissioner Somesh Kumar has said the corporation will reach the magic figure of Rs 1,111 crore in property tax collections by March 31. Till Saturday, the corporation could collect Rs 895 crore, which was Rs 148 crore more than the last financial year's collection of Rs 747 crore, he added.
Payment of property tax till March 31
Mar 29, 2014
HYDERABAD: Special counters will remain open at all the 18 circle offices of GHMC on Sunday and Monday for property tax payment.
Payment of property tax till March 31
Mar 29, 2014
HYDERABAD: Focus on 150 top defaulters in each circle, notices, warrants and seizure of properties led to the GHMC netting Rs.775 crore of property tax thus far, surpassing last year’s collection of Rs.747 crore at the same time.
A House for Mr NRI
Mar 28, 2014
HYDERANAD: NRIs who purchased property in India a few years ago have not managed to rake in the moolah. Unattractive returns in cities such as Hyderabad and Coimbatore have put off NRIs, particularly from the US, according to builders.
GHMC attaches SIRD properties worth Rs 1.59 crore
Mar 24, 2014
HYDERABAD: Greater Hyderabad Municipal Corporation officials on Wednesday attached two Volvo buses, a Swaraj Mazda, CPUs and a color printer belonging to the State Institute of Rural Development (SIRD), Rajendranagar, for Rs 1.59 crore property tax dues.
Political crisis, slowdown impact AP cement firms
Mar 24, 2014
HYDERABAD: The cement industry in Andhra Pradesh is facing a crisis. Prices have nosedived by Rs 50-60 a bag, hitting a new low, below Rs 200. Production in most units is just around 50 per cent of capacity and many are in the red.
IT Raid on Kiran's Realtor Friend
Mar 21, 2014
HYDERABAD: Income tax sleuths raided the residence of real estate businessman G Amarender Reddy here on Thursday and seized incriminating documents pertaining to huge cash transactions outside the book of accounts, it is learnt.

Latest Realty News Of State

Realty Talk's