Mr. Lalit
Kumar Jain, National President, CREDAI
Expressing
disappointment over the RBI’s (Reserve Bank of India) decision to cut repo rate
by “just” 0.25%, Indian real estate apex
body CREDAI (Confederation of Real Estate Developers’ Associations of India)
has said that the central bank appears to missing opportunities time &
again.
Mr. Lalit Kumar Jain,
National President, CREDAI, “It is high
time that we looked at enhancing growth by infusing liquidity and going in for
rate cut”
CREDAI (Confederation
of Real Estate Developers’ Associations of India) has more than 10,000 members
across 20 cities pan-India.
Expressing his
concern for inflation Vs growth, he said that Inflation could well be curbed by
giving a big boost to production & flooding market with supplies. It is not
a prudent policy to risk anarchy through a tight monetary policy.
The real estate
developer community, according to Mr. Jain, was hopeful that the RBI too will
soften its stand and help the sector revive. But the continued stubborn
approach of RBI is shocking, he added.
| Mr. Lalit Kumar Jain, CREDAI |
Mr. Jain said the
middle quarter monetary policy is by and large uneventful since it does not
take into consideration of the real estate sector that contributes handsomely
to the GDP (Gross Domestic Production).
“One would have
expected RBI to be realistic & appreciate the fact the real estate industry
supports hundreds of other industries and hence plays a major role in
rejuvenating the economy hit by job losses & dwindling investments,” he
said.
RBI should take steps
to ease funding for real estate at much lower rates of interest in the interest
of millions of house seekers and ease CRR as well, he said.
Housing Affordable..!
“We can not hope to
make housing affordable for the masses with such restrictive policies,” Jain
added.
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