Chandigarh, Nov 25 (UNI) Concerened about the slowdown of the economy, Confederation of Real Estate Developers Association of India (CREDAI) has urged its members across the country to make every effort in lowering prices to the levels possible.
" This will have a desirable impact and a cascading effect on employment in the industry as well as on more than 170 other industries as well as the economy and country as a whole", a press release issued by CREDAI stated here today.
CREDAI is the apex body of real estate developers in the country with a membership of 3500 plus developers in 18 states across India.
CREDAI 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 release said.
Government has commenced taking some proactive steps in easing liquidity to this sector as well as in starting the decline of interest rates for the home buyers, the release 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 release added.
In light of the vast diversity of prices of real estate across the country, varying stages of work for projects, compounded with micro market divergent factors that affect the pricing of real estate, CREDAI is unable to recommend any specific percentage of price reduction that could be considered to be workable across the country, the release stated.
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 release added.
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