The Confederation of Real Estate Developers’ Associations of India has asked its 8,000-odd members to seriously consider the Finance Minister’s suggestion to cut prices to improve sales.

The governing council of Credai, which met at Kochi over the weekend, took on record Chidambaram’s suggestion to sell maximum number of housing units by reducing prices to the extent possible.

Credai national president Lalit Kumar Jain said the developer community is willing to consider the suggestions made by the Finance Minister to unlock the value of the unsold stock.

“At the same time, we request the Government to look into the suggestions made by Credai to revive the real estate industry to rejuvenate the economy slowdown,” he said.

“We are confident that the Ministry will also positively respond to the various constructive suggestions made by Credai like single window system of clearances to speed up the process, ask banks to reduce the rate of interest for projects and buyers as well, and create a congenial atmosphere to encourage affordable and mass housing,” he added.

Credai has already suggested a 10-point agenda to the government, involving the developers, to put the economy back on the growth highway.

This includes declaring the housing sector as infrastructure industry and affordable housing as priority, besides tax exemptions to accelerate development.

shanker.s@thehindu.co.in

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