The Confederation of Real Estate Developers’ Association of India (CREDAI) has asked its members to sell the unsold inventory at discounted prices so as to re-energize the industry. The governing council of CREDAI had met at Kochi over the weekend where it was suggested to sell the maximum number of housing units by reducing the prices.
“The developer community is willing to consider the suggestions made by the Finance Minister P Chidambaram to unlock the value of the unsold stock. We have asked our members across the country to seriously consider the proposal to sell in maximum numbers,” said Lalit Kumar Jain, National President, CREDAI.
CREDAI has made certain suggestions including a single window system of clearances to speed up the process, asking banks to reduce rates of interest for projects and buyers and create an affable air in the country to encourage affordable and mass housing. Eventually CREDAI also requested the finance ministry to examine the suggestions made by it to arouse the real estate industry and strengthen the economy.
The price appreciation in the housing segment has slowed significantly during 2012 in the top seven cities of the country with an average capital value rising by only 1-3 percent. Hence the proposal by the realtors’ body is expected to be profitable both for the economy and buyers.
And also residential sector is gaining more attention than the commercial sector mostly because there was a recent boom in the IT industry