“This move will go a long way in expediting the project completion and the industry will witness new launches in the market. The industry applauds this booster dose making many projects viable and we shall adhere to the rules laid down in lieu of availing these benefits,” he said.
The Naredco chief further said the reduction in premiums for new launches will help the development at the lesser input cost and over a period of time there is possibility of lower price for new inventories that shall come into the market. “It is a move expected to meet the urgent need for economic activity and generating employment,” he said.
According to Rangarajan, high premium puts a financial burden on developers leading to higher costs for the homebuyers. “In the current economic scenario, the step would ease the burden and soften the prices resulting in more sales in the coming months”, he said.