Gadkari promises a package for realty sector

The Union transport minister, Nitin Gadkari, has said that the government is already in the process to provide relief package for the real estate sector and in case NAREDCO has suggestions, it should send the same to the government. He also said that the real estate sector should form its own NBFCs for running business and the sector should adopt new technologies and reduce their construction cost which will help the sector to generate more demand and sell inventory at a low cost. He further informed that central and state governments are planning to purchase housing quarters for employee at large scale and if associations come forward with some plans that can be proposed to the government, it will certainly help the developer in liquidity and generate the economy. NAREDCO should propose to the government for investing some amount in NBFCs and ask them to borrow foreign funds which will help in reducing interest rates. While president, NAREDCO, Rajan Bandelkar, Maharashtra, said that the body urges the government to reduce the home loan rate to provide additional buying power to the consumer.