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The Confederation of Real Estate Developers of India (Credai) said the property market across the metros in the country was looking up and it expects good absorption in residential property in the next 6-9 months.
"In my communication with some of the builders in the south, I was told the demand scenario has picked up in the last few months. Demand in the metros in the last 3-4 months was also encouraging, when compared with the same period last year," said C Shekar Reddy, national president of Credai.
According to him, the RBI's recent move to lend support to the affordable category by allowing banks to raise exposure through priority sector lending was a positive step for the realty sector.
He said the Rs 4,000-crore allocation to the National Housing Bank in the Budget for affordable housing would help developers leverage funds at a lower cost.
Reddy, however, said regulatory issues related to acquiring no-objection certificates (NOCs) and environmental certificates, and absence of single window system were impacting the developer community at large.
"To plug the shortfall of 80 million homes in the country regulatory issues have to be simplified as more and more developers were seeing themselves at a disadvantage to build homes for economically weaker sections," said Reddy.
Three-day property show from Aug 29
Credai today announced the launch of three-day property show here starting August 29. Around 2.5 million sft of ready-to-occupy property space and that under various stages of completion would be on display.
The realty body expects a footfall of 75,000 for the show.
