[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Real estate developers have urged the Finance Minster Nirmala Sitharaman to direct existing
lender banks to provide the last mile funding on the lines of SWAMIH AIF.
A delegation of the Developer’s body NAREDCO (National Real Estate Development Council)
met the Finance Minister on Thursday and submitted a memorandum containing various
expectations of real estate sector from the Central Government to meet the challenges
caused by the Pandemic COVID-19 and the prolonged lockdown.
“The delegation informed the Finance Minister about the grave liquidity crisis in the real
estate sector. All the real estate projects are on the brink of collapse and unless the
government supports the Industry, the project implementation will come to a standstill,”
said RK Arora, president, NAREDCO-UP.
Developers urged the Finance Minister to direct RBI to implement One time roll over/
restructuring of disbursed project loans by banks and financial institutions.
The need of last mile funding to complete the stalled projects has also been discussed
by the delegation.
There are more than 4000 projects all over the country, needing last mile funding. Since
the existing lenders are not releasing their charge against existing loans and not giving
NOC, the developers are deprived of the benefit of the announced SWAMIH Alternative
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