Former CM Devendra Fadnavis Provides Roadmap For Real Estate
Speaking at a NAREDCO discussion, Maharashtra former Chief Minister said, “The present government should bring down the Ready Reckoner Rate drastically to 40% for the specific time period. Reducing the ready reckoner rate to 5% - 10% cannot suffice the sector.” Commenting on the banking & regulations, Shri. Fadnavis said, “In construction and the realty sector, all loans are term loans and when the banking sector decides to give working capital, those that are categorized as term loans are excluded from getting working capital. This needs to be brought to the banking system and the regulator for economic activity. The common DCR was signed by the previous Government and was likely to be out by November 2019, but the present state government is working on changes and this should come into effect immediately to start rolling the economic activity.” While speaking to the stakeholder he said, “There is a need to reduce time frame by putting certain timelines from all environment committees so that actual time savings will save loan and finance pressure”. Talking of deficit policy, he said, “Centre adhering to fiscal deficit target is important as it is mandated by the FRBM Act, but on the other hand saving lives, businesses, livelihood is important too. So right now the focus should be more on enhancing investments rather than looking at a deficit.”
Tags : News/Views Maharashtra NAREDCO construction Devendra Fadnavis Property finance investments Former CM Roadmap For Real Estate post crisis post Covid 19 FRBM Act Ready Reckoner Rate real esttae