RBI Status Quo: CREDAI Chief demands Government Intervention

Expressing disappointment at the RBI's monetary policy of maintaining status quo on repo rates, CREDAI Chief Lalit Kumar Jain, has called for government intervention to facilitate low cost funding for real estate developers and buyers.

"For a long time RBI has been consistently taking steps that do not encourage real estate sector despite the well recognized fact that the industry contributes handsomely to the country's GDP, apart from creating massive employment," he said.

In a situation where country's economy needs a big boost and the overall growth needs to be given top priority, one would have expected the RBI to tow the government policy to encourage affordable housing in a big way.

Appealing to the government for taking steps outside the RBI Monetary Policy, Mr. Jain wondered as to how we could dream of affordable housing when the cost of construction is unaffordable.

Appreciating Modi Government's policy towards "Smart City" and "Housing for all by 2022" he pointed out "Smart City requires Smart Policies".