Gov should streamline home loan rates
With speculation about the Union Budget 2012-13 already doing the rounds, city’s real estate industry too has voiced its prospect. Mainly revolving around enlarged subsidy on interest rate for loans towards reasonable housing and industry status for taxation and construction and relaxation of FDI up to 51 % into multi-branding, the industry is hopeful of a favourable budget.
“The Indian real estate industry was riding through highs and lows in 2011. Last year, one % interest rate subsidy was offered for loans towards affordable housing. If the subsidy can be broaden, home buyers especially in mid and lower income groups will benefit,”
“Indian real estate, especially housing needs the government’s support for further growth. The government should consider reformation interest rates on home loan to attract larger base of lower and middle income group to benefit. For loan amounts lesser than Rs 25 lac, the interest rate should be lower and should level up as the loan amount goes higher,”
The real estate industry will be looking forward to RBI’s interference to control inflation which has adversely affected the industry. If FDI is relaxed up to 51 % in multi-branding, this will boost the growth path for the Indian retail industry,
Claiming that the Land Acquisition, Rehabilitation and Resettlement Bill (LARR) is not ‘industry-friendly’, the Global Initiative for Restructuring Environment and Management (GIREM) demanded that the Bill be revisited.
“With the Bill coming up for discussion in the Budget session in Parliament, we, in sync with the industry, are demanding that the draft be revisited,” said an official from GIREM.
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