No price reduce for Houses or Flats

No price reduce for Houses or Flats

The Confederation of Real Estate Developers Associations of India (CREDAI) has very well announced that there would be an absolute scope to reduce rates for flats and houses.

Reserve Bank of India Governor Mr. Raghuram Rajan stated on 20th August that construction companies should now come forward to reduce the prices of houses or flats especially as lakhs of constructed houses are unsold.

According to the response of CREDAI which has released that the prices of flats and houses are been reduced to a maximum extent. CREDAI President Mr. Kitamber Anand informed about the further reduction that creates a huge lose for building industry sector.

He very well observed that the recourses of price reduction would be reducing the interest rates in tax concessions and housing loans. The price of flats or houses to be reduced by 15% to 20% during the last 2 year as the building expenses to go up 15% to 20%.