Investments in land, homes are safe as they can’t fly to London, Venkaiah Naidu tells banks

“I want to tell the banks that, investing in homes and land is the safest form of investment. Safest investment is land, and safest invest is house, because houses will not go to London.”

By: Express News Service | Ahmedabad | Published:June 25, 2017 6:02 am
 venkaiah naidu, vijay mallya, banks, real estate, investment, mallya in london, india news, indian express New Delhi: Union Minister and senior BJP leader M Venkaiah Naidu (PTI Photo)

Taking dig at a consortium of banks that are struggling to recover over Rs 9,000 crore debt from business tycoon Vijay Mallya, the Union urban development minister Venkaiah Naidu on Saturday asked the banks to invest in safer sectors like real estate and housing.

Addressing the opening ceremony of a property show organised by Gujarat Institute of Housing and Estate Developers (GIHED), which is a city chapter of pan-India body of developers Confederation of Real Estate Developers Associations of India (CREDAI) , Naidu said: “I want to tell the banks that, investing in homes and land is the safest form of investment. Safest investment is land, and safest invest is house, because houses will not go to London.”

The audience burst in peals of laughter despite Naidu not directly naming Vijay Mallya who fled to London in 2016. “It cannot fly to London. It cannot go on a ship and so I urge the banks to please invest in housing stocks. That is the most happening thing,” the minister remarked at the property show where over a dozen banks have set up their stalls.

He also emphasised on how the Modi government was focussed on building houses. “Earlier, the UPA government
in 10 years sanctioned 12.30 lakh houses and constructed only 8.30 lakh houses. This government within two years — till Friday evening — has sanctioned 21.30 lakh houses,” Naidu said.

The Union minister also congratulated the Ahmedabad Municipal Corporation (AMC) for targetting to provide houses to 1.3 lakh low income families under various government schemes.

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