Speaking on the development Mr. C Shekar Reddy, President CREDAI National said, “We at CREDAI appreciate the positive step taken by RBI to reduce SLR by 50 bps, which will release a liquidity of Rs.39000 Cr for the banks. We understand the central bank’s Priority to fight inflation and to bring it down, however at the same time Real Estate industry also awaits proactive measures to stimulate the home purchase by bringing down the home loan rate. We hope to see reduction in rates going forward.”
The housing sector is poised to grow manifold in the next decade and a half and will require a capital investment of about $1.2 Trillion. CREDAI wants RBI to liberalize the norms, increase the lending to the real estate sector in line with the global exposure of 24-32% as compared to the present 12% and lower the interest rates so that this sector with the high multiplier effect can propel the economy to the double digit GDP growth leading to accelerated capital formation not only in this sector but also in all the associated supply industries.
