by NR INDRAN / INT

MUMBAI : The repo rate hike by RBI comes as a dampener of the Diwali festive spirit, according to Mr Lalit Kumar Jain, National President of CREDAI (Confederation of Real Estate Developers Associations of India).

As we have been saying the rate hikes coming very frequently will prove to be counterproductive since the move will have a cost-push impact rather than proving to be an inflation control measure, Mr Jain said.

The rates of interest are bound to zoom and this will further weaken the sluggish demand in real estate sector, he pointed out.

He has called for immediate steps for initiating reforms in real estate like transparency, quick clearances, single window system for clearing building permissions and rationalization of land and even registration policy for which CREDAI has been campaigning.

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