Union Commerce and Industry Minister Piyush Goyal on Tuesday assured real estate businessmen that he will take up the issue of providing easy funding to the real estate sector like other industries with the Reserve Bank of India (RBI). The minister also assured that he will talk to state governments and urban local bodies for faster approvals for real estate projects, provided the builders promise to do business in an honest and transparent manner. He said, now we have a more honest system. Thankfully, now many dishonest developers are out of the market. Goyal said this while addressing a program organized by CREDAI.
He said that RERA has brought transparency and certainty in the real estate sector. The minister said that since RERA has been implemented, you will appreciate that the discipline brought through it is good for honest and dedicated developers. The real estate sector is doing a great job, whether it is job creation or meeting the needs of the nation.
‘I will neither eat nor let others eat’
The minister also said, Prime Minister Narendra Modi says that ‘I will not eat, I will not let others eat’ and all of you also have to take a pledge that you will not try to take easy paths (shortcuts). If your industry is ready to work under the rules, then I will come with you and work in this direction. Earlier, CREDAI President Irani said that the industry needs land at affordable rates, simple building bye-laws and last-mile infrastructure. On financial problems, Irani said that real estate developers are not getting loans from banks to buy land. He said, we should get finance from the bank like any other industry. We are forced to take expensive loans from non-banking financial companies (NBFCs).
Will discuss with RBI and Finance Ministry
On the question of CREDAI President Boman Irani that real estate is not getting finance like other industries, Goyal said that he will raise this issue with RBI and 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. Goyal said, if there is any problem with RBI, then I am ready to discuss it and raise it with the central bank and the Finance Ministry, because as the Industry Minister, you people are associated with me.
