The Confederation of Real Estate Developers Association of India (CREDAI) has demanded the Kerala government to improve infrastructure facilities, mainly road connectivity, to enable them to set up budget apartments in rural areas in the state. “Lack of proper infrastructure facilities in the state is preventing the developers from taking up budget housing projects. The government must reduce the stamp duty and come out with incentives for the developers who are willing to construct budget apartments,” CREDAI chairman Kumar Gera told mediapersons on the sidelines of a function, organised to launch the Kerala chapter of CREDAI.

“The government must create infrastructure facilities mainly for an area earmarked as Special Residential Zones and hand it over to a consortium of developers to build budget apartments,” he said. Gera said that the launch of CREDAI Kerala would bring in best practices in the real estate industry in the state and it will help the developers to adopt a corporate approach to meet the ever-growing demands of home buyers and provide a transparent and ethical platform for the buyers. Highlighting the demands put forward by the CREDAI before the Centre, he said, the CREDAI had requested the Union Government to categorise dwelling units below 1,000 sqft as affordable housing and provide special incentives to it.

He said that they had requested the Centre to allow foreign nationals to purchase dwelling units in the country.”Foreign citizens belonging to an approved list of countries should be allowed to buy a house in the country with a lock in period of seven years. This will help to create a good flow of FDI into the country,” he added.

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