NEW DELHI: The Confederation of Real Estate Developers' Associations of India (CREDAI) is unhappy with Reserve Bank's decision to not bring revision in the policy rates.
Lalit Kumar Jain, national president, feels that the central bank is ignorant of the significance of real estate sector in the Indian economy and GDP.
Real estate is considered as a capital and labour-intensive sector. It is important for employment generation and boosting growth.
Jain said that the encouragement given to real estate sector in 1998 strengthened the cement and steel industries.
The status quo on interest rates will negatively impact the consumer and investor sentiments.