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CREDAI chief disappointed with RBI

Reserve bank, NBFCs, registration, cancellation

Mumbai, February 3, 2015: Expressing his strong disappointment at the RBI credit policy, realtors
apex body CREDAI Chairman Lalit Kumar Jain has said that the nation cannot afford any more delay inaccelerating the economy’s growth.

Mr. Jain, also the Chairman and Managing Director of Mumbai-Pune based Kumar Urban development Limited (KUL), pointed out that it was about time that the RBI addressed the serious issue of liquidity crunch and funding of ailing projects, particularly in the real estate sector.

Deliveries have been held up for want of funds and it is important that they get monies fast. This will also contribute to checking further slowing down of the economy, he said.
For a long time, CREDAI has been demanding easing of fund release for realty sector to help rejuvenate the economy as it supports couple of hundreds of other industries.

Mr. Jain said RBI and policy makers must realize that real estate, apart from addressing the basic need of housing, also handsomely contributes to the GDP.

It is also important for RBI to address issues of liquidity crunch, restructuring of loans to real estate projects to make business survive and projects not getting delayed further.

“If RBI fails, we suggest to the government to intervene since it has publicly declared its vision of Housing for All by 2022. You cannot fulfill this as long as you tie down the hands of developers with credit crunch and high rates of interest which also impede buyers from going ahead,” Mr. Jain added.

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