Industry is optimistic that the budget for 2014-15 will address a number of issues

New Delhi, July 09, 2014 – Mr. Rohit Raj Modi serves as a President of CREDAI-NCR Pvt. Ltd. Mr. Modi did his graduate in B.Com (Hons) from Sydenham College of Commerce and Economics, Bombay and Master Business Administration from International Management Institute (IMI), New Delhi.

While talking to The Property Times.in Mr .Raj Said .” The real estate industry has seen a sharp deceleration in the last few years due to variety of reasons like high interest rates and policy inaction. slowdown over the last two years with home sales as well as corporate leasing activity plunging. While the new government has raised hopes, there is still a long way to go.”

He Further added that “We are optimistic that the budget for 2014-15 will address a number of issues including introduction of single window clearance together with environmental approvals for real estate projects, removing minimum project size requirement of 50,000 sq metres and a minimum capital requirement of $5 million for FDI in housing projects and allowing automatic approval of External Commercial Borrowings (ECB). These steps will ensure timely commencement and finishing of projects. Similarly, Construction loans for affordable housing projects should get priority sector lending status”.

While talking about the approvals and reduce interest rates on loans Mr.Raj said “ We sincerely believe If the new government is able to streamline approvals, reduce interest rates on loans for consumers and to an extent for developers and also provide incentives for building affordable housing projects, the real estate industry can enhance its contribution in GDP manifold.” CCI Newswire