| Delay in govt clearance hurting real estate The Confederation of Real Estate Developers Association of India (CREDAI) on Thursday slammed the government saying the delay in clearance plans for buildings is hurting real-estate industry in the country. "If the government rationalises taxes, the growth in real-estate industry will be significant," Jain said. At the end of the two-day conclave on Thursday, CREDAI members said the real estate industry has come to a virtual standstill in some states including Maharashtra owing to delays in official sanctions and rising input costs. Jain said the government should introduce reforms in key sectors including banking with regard to disbursement to real-estate developers adding that the current taxation was too high in the country. The first ever conclave of CREDAI in Pune was aimed at finding solutions to revive the real-estate sector that contributes 6. CREDAI presidents from 19 states and 112 cities were present at the conclave to discuss issues affecting the real estate industry. Jain said the outgo by the banks to the real-estate industry is only 6 per cent, which ought to be increased to ensure the industry meets the demand of housing shortage in the country. "The issues like restrictive land use are only slowing down GDP growth. |
Friday 30 March 2012
Delay in govt clearance hurting real estate
