CREDAI- Real estate developers’ apex confederation asked its members to ease property prices. The real estate developers’ apex body advised its members to lower property prices for selling them off.

CREDAI national head Mr. Lalit Kumar Jain said that the real estate developers consider selling of their unsold properties at a lower rate. P Chidambaram, the Finance Minister of India, placed the suggestion in front of real estate developers.

P Chidambaram suggested the Real estate developers to consider the amount of unsold properties. He pointed out that there exist a vast number of real estate properties which remain unsold.

CREDAI held a governing council meeting at Kochi to decide over the finance minister’s suggestion. The governing council decided to consider P Chidambaram’s suggestion to sell out maximum number of real estate inventories by lowering the prices.

Earlier, CREDAI had declined to divest the inventories at lower rates or with discounts.  CREDAI had said that such an act would not be possible as it would lead realtors to financial loss. Real estate developers’ apex body exclaimed that they have invested heavily in these residential projects.

At the same time CREDAI moved their appeal forward to the finance ministry. In its appeal to the finance ministry it requested the finance minister to consider the suggestions to revive the real estate sector. Mr. Jain said that by reviving real estate sector will rejuvenate the sluggish Indian economy.

Mr. Jain expressed CREDAI’s happiness with the ministry which has considered their proposals in a positive manner. He said that they are confident over the ministry which they hoped to respond positively to their numerous constructing suggestions.

Single window system of clearances is one of the most important suggestions put forward by CREDAI. Real estate developers’ body pointed out that only this can speed up the construction process.

Reduction of interest rates by the banks was another suggestion of CREDAI. It will help real estate sector to construct affordable and mass housing projects the CREDAI statement revealed. Setting up of a comprehensive real estate regulator, provision of tax exemptions, etc. remain some of the other demands of CREDAI.