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Real Estate Developers under stress

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Indian economy is facing a cash flow disaster; banks stay cautious on lending funds to the realty segment. Developers are bearing deadline stress in delivering ventures and are forced to hit private fund lending sources. As a result, they are forced to borrow money at arduous rates.
Managing Director of Kailash Nath Associates said to the www.propertykhazana.com that, “The rate can be higher than 5-6% per month. Rate of 5% interest per month vary to a highest 55-60% per year. It implies that developer has to pay for about Rs. 5,000-6,000 for every Rs. 10,000-11,000 raises. Builders are not having funds to build and have forthcoming delivery deadlines. Realty specialists fear that some builders might even bankruptcy”, he added.
Senior official of JLLM says, players with enhanced fundamentals might still find fund at 20-25% rate of interest. But others have to pay rising of 20-30% also. Adding his voice, Executive of Mahindra World City said at the www.propertykhazana.com that, “a small number of petite developers might have to depart the business in chorus, if market do not rise up. The crisis is turning worst, as economy is slow and over supply of commercial space and will be taken into account by realty consultants. Costly housing loans have turned away the housing purchasers and nearly 90-95% purchasers utilize bank finance for residence buying. For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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