Tuesday, December 2, 2008

Urban development ministry drafts a bailout package for Indian real estate industry

National Real Estate Development Council (Naredco)demands reduction in the interest rate on home loans by at least 3-4 %!

The urban development ministry has drafted a bailout package for the real estate industry, which would be shortly sent to the finance ministry for consideration.

The ministry has called for relaxation in norms for foreign loans so that realty companies can tide over the liquidity crunch, urban development secretary M Ramachandran said on Monday.

The note has also urged the finance ministry to consider other sops like rescheduling of total debt of the real estate industry and reduction in home loan rates for affordable houses.

“We have included some of the demands from the National Real Estate Development Council (Naredco) in the note. Once the finance ministry clears the package, it will go for Cabinet approval,” Ramachandran said. To read more, please, visit - Relief for Battered Realtors May Come Soon

Subscribe for free to receive hot Pune real estate news, views and reviews:

1) Ravi Karandeekar's Pune Real Estate Market News Blog

2) Ravi Karandeekar's Pune Real Estate Investment Blog

3) Ravi Karandeekar's Pune Real Estate Advertising and Marketing Blog

4) Ravi Karandeekar's Pune Real Estate Blog

5) Please, feel free to call me on my mobile +91 98600 44110! I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so i do not charge anything for the first 8 minutes!)

6) Please, join me on Friendfeed, to share news articles, family photos, interesting links and videos and let us discover and discuss information!

Visit Ravi Karandeekar's Pune Real Estate Blog Group and join for free to receive updates of all blogs!


1 comment:

  1. Meanwhile, to bring about correction in the property prices, the Naredco has asked its members to cut prices by reducing costs, cutting profit margins, reducing advertising and brokerage costs. Its members include DLF, Ansal API, Unitech, Parasvnath Developers, Sobha developers and several other realty companies. There are several factors working against the Indian real estate sector. Banks are getting jittery over loan disbursals to real estate developers. Even if the developers manage to get loans from banks, they are hardpressed to keep more collateral with the banks. To further aggravate the situation, the property market has also been witnessing a drop in PE fund flow.

    ReplyDelete