Real estate developers must lower prices, says Raghuram Rajan

New Delhi: Reserve Bank of India governor Raghuram Rajan on Monday said that real estate developers must reduce prices in order to sell properties and attract more buyers. The governor's remarks came at a time when home-buyers have already started lodging complaints against builders for cheating and delaying the handing over of possession. "I am hopeful that as interest rates come down, there will be more credit and buying. And I am also hopeful that prices adjust in a way that encourage people to buy," TOI quoted Rajan as saying. More than 18,000 people had lodged complaints with ABP News portal against the builders on www.abplive.in/meraghar in ABP News' Mera Ghar Mera Haq' campaign. Earlier, Apna Dal leader and Mirzapur MP Anupriya Patel on Monday raised the issue related to builders, dominating the buyers and seldom delivering projects on time, in the Parliament. “There are complaints against real estate builders and developers, like Antariksh group, Amrapali group and Jaypee group etc, in the Delhi-NCR for not fulfilling their commitments and promises to handover the houses timely to the buyers,” Patel said. She stressed that this is not a new phenomena and people in Delhi-NCR have been facing these issues for past three years. “Ordinary citizens from middle income group are investing their lifetime savings and future earnings in a dream to get roof above their head but they feel cheated, left helpless and disappointed,” she said. Patel also raised questions on celebrities featuring in builders’ advertisement and endorsing the brand. Your channel ABP News has launched a campaign ‘Mera Ghar Mera Haq’, which gives you a chance to register your complaint against builders who didn’t keep their promises ABP News has also launched an online page abplive.in/meraghar via which you can submit your complaints. Go to our abplive.in/meraghar page and give us the basic information like name of your city, name of you builder, name of project, Date of booking, Date of Promised Delivery.