The Confederation of Real Estate Developers' Associations of India (Credai), the apex body of real estate developers, has urged stakeholders to work together in bringing down residential real estate prices.
In a statement, the New Delhi-headquartered organisation with 3,500-plus developers spread across 18 states, has exhorted developers, financial institutions, government agencies, manufacturers and service providers to work in unison to bring about a reduction in selling prices. This will improve affordability for the end consumer and build confidence amongst home buyers, Credai felt.
The real estate sector employs nearly 10 million skilled and semi-skilled workers. As most of them belong to the low-income, daily-wage class, the real estate slowdown can potentially threaten their employment prospects and livelihood, the association observed.
Credai has acknowledged the measures taken by the government in easing liquidity and also the downward revisions in interest rates by lending institutions. With inflation also easing in recent times, Credai has advised its members across the country to make every effort in lowering prices to the levels possible. Some developers have already initiated a price cut. The revival of residential real estate is expected to have a positive impact on the 170-odd industries that bear linkages to the sector, Credai stated.
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