Amid speculation of consumer-oriented union budget coming in on February 1 from the Narendra Modi government, Indian realtors have reiterated their age-old demand for industry status. They said the move would counter the cash crisis being faced by the majority of the realtors and help them ensure timely delivery of units to the home buyers. The realtors were of the opinion that delay in delivery is mainly due to the credit line being dried up at major lending institutions.

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so, if the government extends loan restructuring to the realtors — even for one time — which is restricted to the MSMEs, it would be a great help for developers and home buyers as it would ensure completion of the stuck housing projects and delivery of the housing units by the end of 2019.

Navin M Raheja, former President of National Real Estate Development Council (NAREDCO) told Zee Business online, "Industry status is an age-old demand and the government of India should take it seriously as it would ensure timely completion of the projects and hence timely delivery to the home buyers."

Raheja said that the government of Indian should consider extending the debt restructuring, even for one time, as it is being restricted to the MSMEs up to Rs 25 crore only.

It would help developers to kickstart their stuck up residential projects and deliver the units to its homebuyers by the end of 2019.

Standing in sync with Navin Raheja; Rakesh Yadav, CMD, Antriksh India told Zee Business online, "Industry status will make credit line easier for the real estate developers, which is one of the major cause for delay in delivery to the home buyers. If it is done this budget, it would help developers coming out of the trap of market loans which are charged at very higher rates, which finally falls on the home buyers."

Deepak Kapoor, Director, Gulshan Homz told Zee Business online, "By getting the status of an industry to the real estate sector, where on one hand the government's ‘Housing for All' Mission will accelerate, the developers will also be able to get loans at easy interest rates. Moreover, might be the finance partners.

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Not just this, the home prices will also go down which will, in turn, be beneficial for home buyers."

Ankush Tyagi, CEO, T&T Group told Zee Business online, "Industry status to the real estate will boost the GDP, increase employment opportunities, lower the cost of home development and purchase, and will lead to rapid growth of the real estate sector."