Govt will grant Rs 50,000 cr on real estates: Reddy

New Delhi, Oct 10 (UNI) The Government will grant Rs 50,000 crore for urban development in next six years, as a part of one lakh crore project in which the remaining amount will be raised through state governments, said Minister of Urban Development Jaipal Reddy.

Mr Reddy said the project is supposed to be started first in Delhi, while speaking at an informal launch of Confederation of Real Estate Development Association of India (CREDAI) exhibition that is to be held in November 3-5 here.

''The fund would be provided to those states who agree with the terms and conditions laid by the Central Government, such as the states may have to abolish the Land Acquisition Act,'' said the Minister.

Mr Reddy said that the stamp duties on services must be lowered to five per cent, assuring the state governments that they would not go in loss, adding that he would represent the concerned issues of the real estates to all the ministries including the Finance Ministry.

''There is an excess demand for real estates in India, thereby making an immediate sale to the consumers which will likely to continue if we look into the matters under Special Economic Zones (SEZs),'' Aavisor to Finance Minister Parthasarathi Shome said.

Mr Shome promised to discuss and resolve the contradictory issues, if any. ''Any kind of confusion should not be there,'' he added.

On the occasion, Times Business Solutions President R Sundar signed an MoU with CREDAI President Ramani Sastri, for an exclusive alliance with MagicBricks.com becoming the exclusive on-line partner for CREDAI.

CREDAI is present across 18 states like Andhra Pradesh, Assam, Chhattisgarh, Delhi-NCR, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Orissa, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal with over 3,500 developers as members.

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