Government in process to provide relief package to real estate

Nitin Gadkari, Minister of Road Transport and Highways of India, has said that the government is already in the process to provide relief package for the real estate sector.

“Government is already in the process to provide relief package for the sector and if NAREDCO has some the suggestion should be put before the government,” the minister said in a webinar.

He also said that the real estate sector should form their own NBFCs for running business.

Gadkari said that “the real estate industry should adopt new technologies and reduce their construction cost which will help the sector to generate more demand and sell inventory at a low cost.”

He furter informed that “Central and state government is planning to purchase housing quarters for employees at large scale and if associations come forward with some plans that can be proposed to the Government , it will certainly help the developer in liquidity and generate the economy.”

“NAREDCO should propose the Government for investing some amount in NBFCs and ask NBFCs to borrow foreign funds which will help in reducing interest rates”, he said.

Rajan Bandelkar, president, NAREDCO – Maharashtra said, “We urge the Govt & financial institutes to reduce the home loan rate to provide additional buying power to the consumer.”