Accord infrastructure status to the construction industry, former CREDAI national president urges Centre

Former CREDAI president urges government for infrastructure status, lower interest rates for builders, inaugurates new building in Vizianagaram.

Confederation of Real Estate Developers Association of India’s former national president C. Shekar Reddy on Sunday urged the Union government to accord infrastructure status to the construction industry so that the builders can avail of loans from banks at lower interest rates and other benefits from the various ministries concerned. He formally inaugurated CREDAI’s new building constructed in Vizianagaram, in the presence of CREDAI national joint secretary Raja Srinivas and State president of the Association Y.V. Ramana Rao.

He commended the State vice president of the association K. Subhash Chandra Bose and Vizianagaram district chairman V. Pardhasarathi and others for constructing the building with state-of-the-art facilities. Speaking to the media on the occasion, he said that the cost of the construction materials such as cement should be reduced.

Mr. Shekar Reddy said that simplified single digit taxation on every product would help builders to sell apartments and villas at reasonable rates. He asked the government to take steps for reduction in the rate of interest on home loans, which were currently available at 7.5 to 8%, so that middle class people could buy homes in cities too.

Mr. Subhash Chandra Bose said that the new building would become an academy for upcoming builders and a training institute for developing skilled manpower. CREDAI Vizianagaram chapter president Ch. Suraynarayana Raju, secretary K. Rajasekhar and association advisor K.S. Chandran were among those present. Earlier, the association held its executive committee meeting and decided to allow new members only after they agree to follow the CREDAI’s building norms.