CREDAI: Surprised at Increase in Rates
Hyderabad, Sept 20 (INN): The Confederation of Real Estate Developers’ Associations of India (CREDAI) the apex body for private real estate developers in India was surprised by the RBI decision to increase the repo rates by 25bps in the recent review of the monetary policy. The step is only aimed at combating inflation but the focus on the industry growth has been ignored.
Speaking on the occasion C Sekhara Reddy President CREDAI- National said,” In these challenging times RBI decision to raise the repo rates by 25bps is tougher than expected and could have been avoided. In the coming months we hope the Bankers will come out with special schemes to attract the home buyers. “
He further added “That RBI should formulate a special policy for the housing industry with a focus on affordable housing. We hope that RBI will take cognizance of the industry requirement and will announce a rate cut, which will provide the needed trigger and encouragement to the sector. (INN)