As per to the sources saying @ the www.propertykhazana.com, seeing the break in the cash-strapped real estate, real estate companies are experiencing taut credit crisis and Indian Banks Association has informed state-owned banks to mull over the expanding fiscal help for unfinished ventures. Majority of realty ventures are been wedged as demand for residences and commercials have reduced and credit accessibility is very taut for land conglomerates. IBA in a letter wrote to CREDAI that, “The Committee has seen that banks, which had by now pulled out fiscal to ventures and which are unfinished might be on a case-on-case basis will make a decision on the requirement to enlarge more fiscal help to overpass funding gap for completion of the ventures.” IBA members comprise banks from both public and private segments. RBI had considered the reforming of loans for commercial realty, following with many realty companies which got their loans reformed.
Pune based Kumar Builders Chairman said to www.propertykhazana.com that, “Taking a loan reformed is not so simple, banks are dragging very high processing fee and even hiking interest rates for the reformed loans.”
CREDAI Chairman said to www.propertykhazana.com that, “IBA’s progress will assist relieve cash flow condition for realty developers and IBA’s letter is cautiously worded and will depend on how various banks follow it. Banks are very concerned regarding the lending to realty segment and when they are giving loans, it is on the soaring interest rates and against hiked endorsements.” He also said that, “Now-a-days developers are paying interest at an average rate of about 20% for any loans from banks and this rate is unreasonable particularly as land rates are dropped.”
NCR based ATS Infrastructure MD said to www.propertykhazana.com that, “Condition is very worst for realty developers, as developers do not have sufficient cash flow, they cannot build which forces residences purchasers to prevent from the market counting to cash flow sufferings. If bank fiscal is made accessible, then builders will be able to build and that will give purchasers self-assurance to invest funds in realty ventures.” For more updates on real estate market browse www.propertykhazana.com.
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