Realty body skeptical of package benefits
The Economic Times, January 29, 2009, p17
CHENNAI: The Centre’s stimulus package to help the crisis-hit realty sector may not be of much use for both developers and buyers in several cities as most of the housing projects were not expected to take off before the deadline for the scheme, says an industry body. The stimulus package would definitely lift the overall sentiment, especially in the Rs 5 lakh to Rs 20 lakh budget range. However, the lower interest rates extended for loans up to Rs 20 lakh are valid only till June 2009, Confederation of Real Estate Developers' Association of India Tamil Nadu chapter secretary T Chittybabu said. “Even if the developers were to announce projects to suit budget (housing) of Rs 5 to 20 lakh, approvals from the Chennai Metropolitan Development Authority or local bodies would mean buyers and developers cannot meet the June 30 deadline.”
The Economic Times, January 29, 2009, p17
CHENNAI: The Centre’s stimulus package to help the crisis-hit realty sector may not be of much use for both developers and buyers in several cities as most of the housing projects were not expected to take off before the deadline for the scheme, says an industry body. The stimulus package would definitely lift the overall sentiment, especially in the Rs 5 lakh to Rs 20 lakh budget range. However, the lower interest rates extended for loans up to Rs 20 lakh are valid only till June 2009, Confederation of Real Estate Developers' Association of India Tamil Nadu chapter secretary T Chittybabu said. “Even if the developers were to announce projects to suit budget (housing) of Rs 5 to 20 lakh, approvals from the Chennai Metropolitan Development Authority or local bodies would mean buyers and developers cannot meet the June 30 deadline.”
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