Developers want cut in interest rates
The Financial Express, April 12, 2009
fe Bureau, New Delhi
In order to spur some movement in the real estate sector, the Confederation of Real Estate Developers’ Associations of India (CREDAI) wants interest rates to be reduced further, discontinue the system of double taxation, capital gap funding from banks, ECB extended to smaller projects, total tax relaxation on interest rates for home buyers and on rentals for people who have rented out their property and setting up of special housing zones which will have tax benefits.
CREDAI members feel that with easing of bank loans the off take of residential space is going to rise. “In order to encourage first time buyers interest rate for home loans should come down to 7%,” said Lalit Jain, president, CREDAI.
He also said that in a scenario where funds for this sector has completely dried up, public sector banks should bring down the rate at which they lend to construction companies.
The Financial Express, April 12, 2009
fe Bureau, New Delhi
In order to spur some movement in the real estate sector, the Confederation of Real Estate Developers’ Associations of India (CREDAI) wants interest rates to be reduced further, discontinue the system of double taxation, capital gap funding from banks, ECB extended to smaller projects, total tax relaxation on interest rates for home buyers and on rentals for people who have rented out their property and setting up of special housing zones which will have tax benefits.
CREDAI members feel that with easing of bank loans the off take of residential space is going to rise. “In order to encourage first time buyers interest rate for home loans should come down to 7%,” said Lalit Jain, president, CREDAI.
He also said that in a scenario where funds for this sector has completely dried up, public sector banks should bring down the rate at which they lend to construction companies.
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