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Realtors face hard questions

“I cannot buy a flat in Delhi unless I have black money,” was the blunt remark of Planning Commission member Kirit Parikh on high prices of homes in Delhi and the National Capital Region.

india Updated: Dec 17, 2008 21:25 IST
HT Correspondent

“I cannot buy a flat in Delhi unless I have black money,” was the blunt remark of Planning Commission member Kirit Parikh on high prices of homes in Delhi and the National Capital Region.

Parikh wondered where the homes for the “real middle class” when the realtors aimed for those who earn more than Rs. 10 lakh per year as their market for affordable flats while such an income was well above the general middle class levels.

A delegation national real estate development council – the apex industry body of the real estate sector — met Planning Commission Deputy Chairperson Montek Singh Ahluwalia on Wednesday seeking lower borrowing rates to spur demand for houses.

“We have listened to their demands and will think over them,” Ahluwalia said.

Government-owned banks on Monday announced a new scheme offering home loans at 8.5 per cent interest rate for loans below Rs 5 lakh and at 9.25 per cent interest rate for loans ranging between Rs 5 lakhs to Rs 20 lakhs.