A delegation of The Confederation of Real Estate Developers' Associations of India (CREDAI) the apex body for private real estate developers in India, met 3 Union Cabinet ministers to put forward the representation for Housing Industry in India before the budget.
CREDAI delegation then met Venkaiah Naidu, the union UD Minister and explained that the UD ministry will co-ordinate with the finance ministry so that the common man can avail housing at lower cost. For this purpose C Shekar Reddy, president CREDAI National requested that service tax on housing be removed, interest subvention scheme to be brought for home buyers and housing Industry be given status at par with infrastructure industry so that loans can be availed as the priority sector at lowest interest rates.
The UD Minister Venkaiah Naidu assured the delegation that he shall discuss the issues with the Union Finance Minister and shall help the Housing Industry on the issues, however he indicated that the implementation of some of the issues would take some time and shall be addressed after the Budget session only. He also informed the delegation from CREDAI that he is calling a meeting of the state UD ministers to the issues related to the real estate sector, particularly affordable housing and steps to be taken to achieve the goal of pucca housing for all by 2022.
C. Shekar Reddy stated, ''There is a new vibrancy in the Modi Government at the Centre. All 3 cabinet ministers were extremely positive towards the growth of the country as well as the Housing Industry. We are very hopeful that this Budget will give a very big boost to the Industry so that we will be able to provide affordable housing to the common citizens of India.''