Piyush Goyal assured real estate businessmen that he will raise the issue with RBI for finance

sydney : Union Commerce and Industry Minister Piyush Goyal has assured the real estate businessmen at a CREDAI function held on Tuesday that like other businesses, he will raise the issue with the Reserve Bank of India (RBI) to provide finance facilities to this sector too.

The minister also assured that he would talk to state governments and urban local bodies for faster approvals for real estate projects, provided the builders promise to do business in a corruption-free and transparent manner. Addressing a program organised by CREDAI, the apex body of the real estate sector, Goyal said that the Real Estate Related Act RERA has brought transparency and certainty in the real estate sector.

generate employment

He said, “Clearly your real estate sector is doing very well and contributing immensely, whether it is employment generation, meeting the needs of the nation, contributing to taxes and GST.” The minister said that since RERA has been implemented, “you will appreciate that the discipline that has been brought in through it is good for honest and dedicated developers.”

more honest system

Piyush Goyal said, “Now we have a more honest system. Thank God that many dishonest developers have been removed from the system and now bankers are also showing more confidence in financing this sector.”

more emphasis needed

When CREDAI President Boman Irani asked about real estate not getting finance like other businesses, Goyal said that he will raise this issue with RBI and the Finance Ministry. He said, “If you feel that more emphasis is needed on this, then the government will be happy to work with CREDAI and your various organizations.”

The problem with RBI

Goyal said, “If there is any problem with the Reserve Bank of India (RBI), I am ready to discuss it and raise it with the central bank and the finance ministry because as industry minister, you guys are connected with me.”

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Don’t try to take shortcuts

The minister also said, “Prime Minister Narendra Modi says that 'I will not eat, I will not let others eat' and all of you will also have to take a pledge that you will not try to adopt shortcuts. If your business is ready to work under the rules, then I will come with you and work in this direction.”

Forced to take expensive loan from NBC

Earlier, CREDAI President Irani said that the industry needs land at affordable prices, simple building bye-laws and last-mile basic infrastructure. On financial problems, CREDAI President Boman Irani said that real estate developers do not get loans from banks to buy land. He said, “Like any other business, we need to get finance from banks, otherwise we are forced to take expensive loans from non-banking financial companies.”

14,000 real estate developer members

'Confederation of Real Estate Developers Association of India' i.e. CREDAI has around 14,000 real estate developer members across the country. CREDAI has organized 'CREDAI Natcon' conference from 23 to 26 September. More than 1,100 representatives of the real estate sector are participating in it.

(With agency input)