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Some relief norms for Indian realty

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At last sensing the looming atmosphere of the central govt. has decided to put some relief funds for the industry with different slabs and norms. According to a recent source of www.propertykhazana.com, the ministry of urban development has made a proposal for a liberate package for the upliftment of the realty industry to the ministry of the finance for the further consideration.
“The ministry also has decided to be more liberate on foreign investment to increase the funds availability for the realty groups across the country” says M Ramachandran – development secretary. Apart from this, the proclamation also been sent to make certain provisions for other related sectors like reducing the home loan schemes for the buyers and to put certain exemptions on selected loan slabs so that the buyers get attracted towards the upcoming projects and get in to the booking counter for their dreamy homes as per the sources of www.propertykhazana.com .
Source of www.propertykhazana.com also reveals that, the liberate norms include some of the selected demands of the National Real Estate Development Council. Ramachandran further adds that once the finance ministry put green signal to the packages it will be then placed for cabinet nod. The first demand of Naredco was to reduce the loan rates lower by 3 to 4 percent that went up to 7.5 percent in 2004 to 12.55 percent. Secondly Naredco also points about the huge debts of the realty state to banks and asks for rescheduling with a memorandum including last couple of fiscal periods which may touch around Rs. 25,000 crore. Along with this the council has also asked its major members of realty house to reduce the price tags and compromise with the margin so as to bring up lost looming glory of the industry collectively.
Source: NBTVLIVE

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