NAREDCO Welcomes Economic Stimulus Package, Urges Government to announce bail out package for housing soon

New Delhi, December 6, 2008: National Real Estate Development Council (NAREDCO), the nodal agency for housing & real estate sector in India, has welcomed the economic stimulus package announced by the government today. It has however expressed disappointment that no immediate and direct relief to the housing sector has been announced.

"Although the government has not announced any immediate relief to the housing sector, we however welcome the steps taken to provide the right push to the economy as a whole. The move to make funds available for various infrastructure projects is a step in the right direction since it will stimulate demand in the core sectors. This clubbed will the cut in Repo and Reverse Repo rate announced yesterday will help the economy by providing the right impetus by making funds available easier and relatively lower cost", Mr Rohtas Goel, President, NAREDCO said in a statement today.

The steps taken by the government over the last two days will go a long way in stimulating demand in the economy giving it the much required impetus. The move is aimed at creating favorable ground for both buyers and sellers who have been shying away from the market in the last few months. We look forward to the banks to take a favorable view of this and announce a favorable scheme for the housing sector soon, " he added.

NAREDCO had recently advised its members to review the prices of their residential projects. Concerned over the decline in bookings in the realty sector, NAREDCO had proposed this move which was aimed to boost sales of the projects and bring some relief for the buyers who were shying away from investing in real estate.

The apex industry body has been the voice of real estate sector in the recent past for many issues affecting the sector.

Source : Equity Bulls

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