Members should lower prices as much as they can: CREDAI

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Chandigarh, Nov 25 (UNI) Concerned over the slowdown in the economy, Confederation of Real Estate Developers Association of India (CREDAI) has urged its members across the country to make every effort to lower the prices as low as possible.

'' This (slowdown) will have a desirable impact and a cascading effect on employment in the industry as well as on more than 170 other industries'', the CREDAI said in a statement here.

CREDAI, the apex body of real estate developers, has memberships of 3,500 plus developers in 18 states across the country.

It is also aware of the negative consequences of this slowdown in terms of falling growth rates and potential loss of employment to many of the 10 million skilled and semi-skilled workers engaged in the real estate sector, the statement added.

The government has taken some proactive steps in easing liquidity to this sector as well as in lowered interest rates for the home buyers, it said.

Further, inflation has also started showing a clear downward trend.

'' CREDAI believes that this is a time for all stake holders (developers, financial institutions, Government, manufacturers, service providers) to work together in order to cumulate the benefits they can pass on to the customers so as to improve the affordability for the end customer and build confidence amongst the home buyers'', the statement added.

Housing is a critical engine of growth of the economy and CREDAI's action is related to discharging its responsibility of keeping the wheels of this engine of growth moving forward, the CREDAI said.

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