The Secretary, Banking, Ministry of Finance has agreed to look into the problems being faced by the real estate industry and work towards reducing the cost of funding through banks and financial institutions.
Expressing happiness at the positive response from the Banking Secretary Ministry of Finance, Pradeep Jain CREDAI chairman said ``We had a very cordial and fruitful discussion as we raised the various issues being faced by developers across the country in terms of high cost funding and escalating cost of material which adversely affect the cost of housing.``
D K Mittal, Secretary Ministry of Finance (Banking & Insurance),Government of India promised that the Government will look into the problems of the Real Estate Developers and work towards reducing the cost of financing through the Banks and Financial Institutions.
With these positive developments, CREDAI is hopeful that a lastingsolution to the vexed issue high cost of realty will be worked out and the common man will be able to own his dream house.
The Banking Secretary assured to have a detailed discussion on these matters in next couple of weeks to work out on detailed roadmap on how the Real Estate Industry can be benefited to provide the affordable housing on an affordable price to Aam Aadmi.
Calling for launching a mission to make India Housing Surplus from the current status of a housing deficit nation by 2020, CREDAI said revival of the real estate industry will rejuvenate the entire economy since realty supports 250 industries, generates employment and contributes 11% to GDP.
``We the developer community is always ready to work with the government as a partner in progress and play a meaningful role,`` Jain added.
Source: www.myiris.com
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