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Heavy Interest Costs to borne by the builders

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As there is a bar on abroad borrowings, giant builders like Unitech Ltd. and Parsvnath Developers Ltd. have to pay whopping interest costs on loans in 5 years. Parsvnath Developers had quotation of 14% interest on loan from State possessed bank, said Chief Fiscal Officer Ravi S. Pani to the www.propertykhazana.com. Fiscal ministry’s added 18 rules to Unitech’s funding charges for 5% points. The plan of the Govt. behind barring abroad borrowings to developers was to chill realty rates which had revealed a 3 times hike in 3 years and shoved the value of rupee to 9 year high. The upper interest costs might have assisted in placing off the developers from constructing 10 Million residential units a year. Builders are screening agony over the matter and condemning the Govt. that the realty segment and Indian Realty developers require loans to purchase property and build supplies like cement and steel as Asia’s civilizing buying power which makes it reasonable for nation’s 1.1 Billion people to purchase housing land.
Source further revealed at www.propertykhazana.com is, by adding the anguishes of the builders, RBI has inquired banks to cut the contact of realty companies thus by making it firmer for them to get inexpensive financing. But, for builders interest rates are not a big matter, but the problem is the query of accessibility of funds. Unitech was about to finish an abroad loan when the financial minister P. Chidambaram altered the norms. Private Banks like ICICI Bank Ltd. and HDFC has hiked interest rates on housing loans, thus gloomy the purchasers from buying petite housing lands, said VP of DLF Ltd. Rajiv Singh to the www.propertykhazana.com. Indian realty companies are gazing ahead for abroad lenders.
Source: NIMMA BENGALURU

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