Friday, December 19, 2008

Government makes it clear that it would not tinker with the monetary policy again and again to restore real estate boom!

National Real Estate Development Council (Naredco), apprised Planning Commission deputy chairman Montek Singh Ahluwalia and other officials of depleting demand and liquidity crunch.

1) The real estate players sought credit and increased overseas borrowings

2) Urged the government to further cut interest rates on home loans

3) Restructure debt of developers

4) Asked for one-year moratorium on repayment as part of restructuring of debts

5) Revision of upper limit in the recent home loan package announced by PSU banks to Rs 30 lakh from Rs 20 lakh

6) The builders, highlighting that 35% of construction cost went in taxes, said banks were not lending to real estate developers which had created severe liquidity crunch in the sector

7) Developers argued for "industry status" to be given to the realty sector, which would improve the fund flow

8) The developers also said that the stimulus package announced by the banks in the form of low interest rate of 9.25% on loan up to Rs 20 lakh was inadequate

8) The interest rate on loans up to Rs 5 lakh be brought down to 6% from the existing concessional rate of 8.5%.
To read more, please, visit - The Times of India

Related Story:

Indian real estate developers to ask Government of India to buy out their unsold flats at current market prices and sell these flats at a later date!

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