Housing industry is growing: Ananth Kumar

BANGALORE: Housing and Urban Development Corporation (Hudco) will grant a loan Rs 1,000 crore for various urban development schemes in Karnataka, Union Urban Development Minister Ananth Kumar said on Saturday.
He was speaking at the national convention of Confederation of Real Estate Developers’ Association of India (CREDAI) in Bangalore.
Ananth Kumar said Hudco plans to give this amount over a period of three-four years."The need of the hour is rationalisation. This doesn’t mean a loss in revenue as is generally perceived.
On the contrary, it means more excise duty, sales tax and a boost that are dependent on the building industry. Over the last three years the housing industry has accounted for two per cent of GDP," the minister said.
"The Centre is willing to sign MoUs with states that have incorporated reforms. States must meet us half way," he said. Presenting a study on the turnaround of BDA, Commissioner Jayakar Jerome, noted that in 1999, BDA was on the verge of closing down, with public credibility near zero.
However, today it one of the most respectable developmental authorities and is even listed on the NSE.