Tuesday, January 6, 2009

Government's intentions to help the industry should percolate to the banks, which are steering clear of the real estate sector - Lalit Kumar Jain

President of the Promoters and Builders Association of Pune (PBAP):

Lalit Kumar Jain said the liberal foreign investment norms, applied to township projects, should have been applied to any housing project eligible for foreign direct investment(FDI).

"Once the construction sector a major part of which is housing is on a roll, it will trigger a cascading effect to create demand for nearly 165 different industrial products," he said.

Jain added that the government's intentions to help the industry should percolate to the banks, which are steering clear of the real estate sector.

"The government seems to have allowed the interest rates to move according to the market dictats," Jain said, adding that there should not have been artificial categories created to determine the rates of interest.

R Vasudevan, managing director, Vascon Engineers:

Expressing happiness over the announcement of the relief package, R Vasudevan, managing director, Vascon Engineers, said, "The government is giving impetus to the housing sector. Developers can now show some innovation in the financial closures for their projects and complement the government's efforts."

Manish Kaneria, director, Mont Vert:

Manish Kaneria, director, Mont Vert Luxury Homes, said, "The size of the stimulus package is very small compared to the size of the Indian economy. The steps are welcome, but they should have come much earlier, in much larger proportion and across the entire segment of industries. Home loans from Rs 15 lakh to Rs 45 lakh should be promoted by giving preferred lower interest rates as most of the under-construction housing and potential buyers belong to this segment."
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