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Indian Real Estate News
CREDAI disappointed at RBI status quo
Source: ET Bureau Jun 18, 2012
CREDAI national President Mr Lalit Kumar Jain has expressed his disappointment at the RBI maintaining status quo in its credit policy.
RBI appears to be sadly ignorant of the importance of real estate sector in the national economy and GDP, Mr. Jain, who is also the Chairman and Managing Director of Kumar Urban development Limited (KUL) said.

He pointed out that the capital and labor intensive sector plays a key role in employment generation and accelerating growth.
He recalled that the encouragement given to real estate in 1998 had kick-started the growth of cement and steel industries along with over 165 other industries including transport that with no additional cost incurred by the government.

The risks attributed to real estate and the RBI advisories against lending to real estate have only harmed the sector and made housing costlier for consumers, apart from badly impacting the economy. "The governments at various levels have been losers on revenues," he pointed out.

The status quo on interest rates will further dampen the sentiment though RBI may justify its action. "I hope further policies will see rate cuts positively and conservatism does not become a lasting attitude," Mr Jain added.

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