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The Confederation of Real Estate Developers' Associations of India (Credai), the apex body for private real estate developers in the country, is disappointed with the status quo on the RBI policy rates and demanded a reduction in interest rates to facilitate lowering of entry barrier and spur demand for the real estate sector.
"The real estate sector has been dabbling with high cost of land, labour, material, funds and high rates of taxation along with the moderate demand over the last few months. The industry was looking forward to a reduction in interest rates and improved liquidity to usher growth and development," Credai president, C Shekar Reddy, stated in a press release here on Tuesday.
