Nitin Gadkari Advises Real Estate For Own NBFCs

Nitin Gadkari, Minister of Road Transport and Highways of India addressed the queries of the real estate sector and guided them through these challenging times at the NAREDCO session on April 29 . Minister suggested that “Automobile companies like TATA, Mahindra, Ashok Leyland to operate their own finance companies to run the business and tackle liquidity crises. This will help developers to provide cheaper loans to homebuyers with faster approvals.”Minister further stated, “The real estate industry should adopt new technologies and reduce their construction cost which will help the sector to generate more demand and sell inventory at a low cost.” While addressing more than 1500 participants he suggested that “Central and State government is planning to purchase housing quarters for employees at large scale and if associations come forward with some plans that can be proposed to the Government , it will certainly help the developer in liquidity and generate the economy.” “NAREDCO should propose the Government for investing some amount in NBFCs and ask NBFCs to borrow foreign funds which will help in reducing interest rates”, he said. It was showcased by the chief that there are several opportunities in, logistics parks, Smart Cities, Smart Villages, cold storage, road construction where developers can & should focus and think of something innovative idea to start an economic activity.