RBI Issues Circular On Levying Unfair Interest Charges On Customers

No land can be registered at a rate that is below the circle rate.

New Delhi: Representatives of realtors’ body CREDAI met Finance Minister Nirmala Sitharaman on Tuesday and sought government’s support to deal with the disruption caused by the COVID-19 pandemic.

The meeting with the finance minister was held in Kolkata. Many senior members of Credai, including its new president attended the meeting.

“In a discussion with the FM @nsitharaman today, #CREDAI presented recommendations addressing challenges in the #realestate sector & impending #COVID disruptions which may impact #revival of #realty sector,” the industry body tweeted.

Credai did not share the recommendations it has made for the growth of the sector. Addressing a virtual press conference on April 7, CREDAI President Harsh Vardhan Patodia had expressed concern over the second major wave of the COVID-19 pandemic and said it would take time to assess the impact.

Patodia, the Managing Director of Kolkata-based Unimark group and who took charge as CREDAI president from April 1, had said that the CREDAI would again urge the state governments to reduce stamp duty on registration of properties to boost the real estate sector.

The association had sought infrastructure status for the realty sector, GST input tax credit for both housing and commercial segments, faster environment clearance and easier credit availability.

Established in 1999, Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body for private real estate developers in India, representing over 13,000 developers through 21 states and 217 city chapters across the country.