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Saturday, January 3, 2009

Indian Real Estate Developers to meet the RBI Governor to demand more sops for the struggling real estate sector

Lower interest rates and restructured debt for the developers:

Representatives from the Confederation of Real Estate Developers Association of India (CREDAI) will be meeting the RBI Governor D Subbarao next week to demand more Government sops for the struggling real estate sector.

The developers are likely to push for lower interest rates and restructured debt for the developers.

Demands:

1) A restructuring of existing debt by way of Financial Institutions (FIs) granting a minimum moratorium period of 12 months

2) Reduced interest rates for home loan borrowers upto Rs 20 lakh should be increased to Rs 30 lakh for customers in metros only. (Pune is not a Metro!)

To read more, please, visit - indianexpress

Related Stories:

1) Urban development ministry calls for additional government measures, including cuts in home loan rates, to revive crumbling real estate sector

2) RBI cuts key rates to stimulate economy

3) Economists see robust growth in FY09

4) Return of animal spirits

5) Overseas funding to boost real estate

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