[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Hyaemin Park staff of Kamagroup. Here I have important INDIA REAL ESTATE news to share with you which is as mentioned under.|
The real estate sector was in a slowdown for the past 4-5 years, but its problems got aggravated in 2019 following the liquidity crisis triggered by the collapse of IL&FS. “Due to the liquidity crisis, NBFCs have reduced funding to buyers as well as to real estate developers,” says Sankey Prasad, CMD, Colliers (India). There are also complaints that banks withdrew loans given earlier to housing finance companies and to housing developers after the IL&FS crisis. Since real estate directly and indirectly affects ancillary sectors such as cement, steel, tiles, paints, electrical equipment and even furnishing, everyone wanted the government to step in.
Two months ago, the government announced a Rs 25,000 crore bailout package to revive stalled real estate projects. This will be routed through an Alternative Investment Fund (AIF), with the government contributing Rs 10,000 crore and financial institutions like LIC and SBI bringing in the remaining Rs 15,000 crore. The AIF will be managed by SBICap Ventures.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/under-construction-real-estate-now-attractive-9-things-home-buyers-should-check/articleshow/72303756.cms
Have a nice day.