Status quo on rates disappoints Credai

HYDERABAD: The Confederation of Real Estate Developers’ Associations of India (Credai) has expressed disappointment with the status quo on the RBI policy rates and demanded a reduction in interest rates to facilitate lowering of entry barrier and spur demand for the real estate sector. 

Credai has emphasised the need to devise a formula to make home loan rates independent of inflation, keeping in view the mission to provide ‘Housing for All by 2022’ and the exponential impact of the real estate sector on triggering the GDP growth.

C Shekar Reddy, National President of Credai said on Tuesday,” The real estate sector has been dabbling with a high cost of land, labour, material, funds and high rates of taxation along with the moderate demand over the last few months. The industry was looking forward to a reduction in interest rates and improved liquidity to usher growth and development.”