CREDAI Chairman Lalit Jain said a long term status quo on interest rates would not help prospective home buyers.
Real estate biggies unhappy with status quo on RBI rate cut.
Currently, there's a shortfall of 23 million houses in India.
The new real estate hubs could typically take between 5 and 10 years to develop depending on the state of economy of the city and the state.
RBI, in its first bi-monthly monetary policy statement, left the short-term lending rate, or repo rate, unchanged at 8 per cent and the cash reserve ratio static at 4 per cent.
The 2015 World Bank group's Doing Business index ranked India at 142, down from 140, which it was the year before.
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