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The Confederation of Real Estate Developers’ Associations of India has expressed disappointment at RBI decision to maintain status quo on key rates even when the inflation is already under control.
Highlighting the need to focus on fuelling the housing growth by reducing the rates, Credai advocated reduction in interest rates to facilitate lowering of entry barrier and spur demand for the real estate sector. It expressed the need to make home loan rates independent of inflation expectations, keeping in view the mission to provide housing for all by 2022.
C Shekar Reddy, President CREDAI-National said, “The RBI decision to keep the key rates unchanged will not help the real estate sector development. Presently the overall inflation is under control as expected by the RBI, the crude oil prices are also low and the overall business requires an upward momentum. A reduction in policy rates at this juncture would have a significant impact in boosting the industry and facilitating growth.”
He said that the housing and finance ministry are advocating that the interest rates should be brought down for the developers and end user to promote the mission “Housing for all”.
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