Tuesday, May 19, 2009

Jai Ho Congress Return OF UPA ALso Boosts Real Estate Sector

UPA’s return to power, that too with near total majority, has brought smiles on the faces of people associated with real estate and industry sectors in the Tricity. They feel that the Congress-led government would now be in a position to take some radical decisions for revival of the economy, which would affect both real estate and industry sectors. As slowdown has affected industry and real estate business in Chandigarh, Panchkula and Mohali, now people associated with these two sectors are expecting revival of economy in the next few months. As UPA allies like Rashtriya Janta Dal, Lok Janshakti Party and Samajwadi Party have been marginalized this time, industrialists and real estate developers feel this would give a free hand to Congress-led UPA to take some radical decisions including foreign investment for the revival of economy. MPS Chawla, president, Chandigarh Industries Association, said that stable government in the Centre would improve the economy. He said that as government would not have any undue pressure, economy would witness upward trend in the next few months. To revive the economy, government should announce special package for the small scale industries and trade sector, he said, adding that currently industries and real estate sectors are worst affected, which needs immediate relief. He demanded that government should slash interest rates. Vishnu Goyal, general secretary, Haryana Chamber of Commerce and Industries, said that a majority government is a good sign for the economy as political stability would ensure faster revival of the economy. He said there are around 400 small scale industries in Panchkula which needs immediate relief package as slowdown has affected them. Real estate sector in Mohali is already witnessing slump due to slowdown as construction of houses is more than their demand. To attract buyers, developers have already announced various sops including discount between 40 to 50% in a hope to revive the ailing real estate market. Vijay Arora, president, Peermuchhalla Builders Association, said that they expect UPA government to announce real estate policy which would revive the market. He said that the market is in a bad shape due to recession and higher rate of loans. Stable government in the Centre would bring stability to the economy, he added

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