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A new stimulus package for real estate revival needed..


R Narayan

Lucknow, September 07(HS) : Firmly believing that real estate industry will not come out of the woods without a new stimulus package, the Uttar Pradesh Real Estate Regulatory Authority  has made certain suggestions.

It is believed that if these are accepted both builders and home buyers will benefit and  the industry will be back on track,official sources said here on Monday.

One of the suggestions is to create an integrated single window system for approval of the projects. Delay causes cost overturns.

There should be grading system for builders which will help house buyers choose the right ones. The RERA should have a cell for  verification of accounts.

The government has provided some concessions for  the  delay in allotment of land and approvals. These zero period concessions should be revisited and more offers made.

The Marginal Cost of Funds based Lending Rate or MCLR  which is different  from base-rate system and more favorable should be implemented from a back date.

Downward revision of stamp duty can also help. 

Hindusthan Samachar