According to the available source with the www.propertykhazana.com, most important officers, chairman and vice-chairman of DLF Ltd. met finance ministry officers to columnist for declining the interest rates on home loans to clear the cash flow crunching in realty. DLF executives were also shoving that realty is an industry rather than just a segment. Indian realty is the 2nd biggest corporation in the country and the below corkscrew of the real estate market will strictly affect the Indian growth story. Delhi based developer is expecting that the ministry has to ask RBI to clear the rules for bank lending to realty firms. Most of the banks are not lending loans to developers, because they believe that the realty market is fragile and indecisive at present.
Because of this, it has coerced to hike funds from private investors and other sources at interest rates about 30-40% and they are paying on their exceptional debt for about 15-16% to banks. DLF is also the only bidder for the RLDAs land for about 45,400 Sq.Mtrs in Bandra near the railway station and close to the Western Express Highway for the development of commercial space. The reserve bid for the property rate was Rs. 3,980 Crores. Akruti City, HDIL and Reliance Infrastructure were also gazing on the property, but dropped because of soaring appraisals. For more updates on real estate market browse www.propertykhazana.com.
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