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« 20 Percent Job Cut Expected in Real Estate Sector | Home | Banks Allure NRIS into Real Estate with New Schemes »

More Help Expected for Indian Real Estate Market in 2009

The Indian government may intervene again in 2009 to help the real estate market, finance officials have said. Last week the country’s Planning Commission met to discuss ongoing financial uncertainty, with interest rates and home loan availability on the agenda. Government officials have already introduced measures designed to drive down interest on property loans and set aside $4 billion in spending for the rest of the financial year.

But more may be needed, the deputy head of the Planning Commission said, starting from April 2009. Montek Singh Ahluwalia told last week’s meeting: “The fiscal stance we adopt needs to be considered not just for this year, but also for the next year. “We are working on what the plan position should be for the next year. The decision will have to be taken by whatever government is in place after the election.”

Voters are set to take to the polls in May2009, in a decision which many see as key to India’s performance during the ongoing global slowdown. The Congress Party is currently in the hotseat, with Pratibha Patil as president and Manmohan Singh prime minister. The main opposition group, Bharatiya Janata Party, recently gained extra support when accusing the government of failings before the Mumbai terror attacks.

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