Finance Minister asks realtors to spare a thought for social development

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Real estate developers should be sensitive to social dimensions of housing by pricing their products “appropriately”, Union Finance Minister, Mr Pranab Mukherjee appealed recently.
Addressing the gathering at NATCON 2010, a real estate conference organized by Confederation of Real Estate Developers’ Association of India (CREDAI), in the capital, Mr.Mukherjee urged that the realty sector has to be sensitive to the larger social dimension of housing by pricing their products appropriately and responding to the cross-section of the housing demand covering both rich and poor alike. Above all, the Minister said that the sector has to anchor its work in strong ethical practices
His comments come amid widespread concerns on slow housing sales owing to a recent spurt in prices across key markets. Mr Mukherjee said that fulfilling people’s dream of ‘housing for all’ was an enormous task that the Government alone could not achieve.
Acknowledging the role of the real estate sector in helping the Government achieve its ambitious goal of ‘housingfor all”, he further urged developers to play a leading role in supplementing the Government’s efforts. He appealed to realtors to “bridge the gap between construction technology, customer need and offer value in terms of design, functionality, services, connectivity and above all affordability.” Mr Mukherjee also emphasized that events in the recent past and lessons from elsewhere suggest that there is scope for greater integrity in development, construction and marketing of real estate.
Earlier in the conference, HDFC Managing Director, Ms Renu Sud Karnad, said that HDFC had always been cautious in lending but did not see any reason for extra caution with regard to the real estate sector as long as projects were good and the builder had a strong track record. HDFC sees loan growth at 20-22 per cent for the fiscal year ending March 2011, she claimed. However, she also assured that HDFC does not see lending rates going up in the immediate future.
The Reserve Bank of India recently, after a revision of monetary policies, had left policy rates unchanged but cautioned against the pressure on inflation from rising demand and global commodity prices.

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