Mumbai : Nayan Shah, President, CREDAI-MCHI Quote on Centre to open Rupees 25K Cr for real state industry

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Mumbai : Nayan Shah, President, CREDAI-MCHI Quote on Centre to open Rupees 25K Cr for real state industry

This is very welcome mood atleast finally the government has acknowledged that something drastic needs to be done for real estate. As real estate alone impacts no less than 270 or industry sector data reliant on real estate alone. However having said that the current permission are not going to help last mile funding for thousands of projects and more than lakhs customer’s who waiting there.homes to be delivered. As the current provision applies only to there projects. which have been declared NPA or whichever refered to NCLT with the condition that they net worth to be positive. If a project has already declared in NPA. It immediately need means that there is not networth. Postiveness in that project. Instead the government should have made this funding open to made this funding open to those projects which had a positive cash flow because project which is cash flow positive definitely has the strength to survive. It is just some of the current economic situations because of which the project has gone into the doldrums.This liquidity support the project will again kick off and would came on track. This is what was requested one more request of MCHI has althrough out been that the government with the help of RBI should allow a one time restructuring of all real estate loans .This is one major by itself is going to be give a big booster to the entire real estate sector.

Nayan Shah, president, CREDAI-MCHI

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