Navin Raheja: Response to RBI advisory on 80:20 scheme
Mr. Navin Raheja, CMD, Raheja Developers Ltd and President NAREDCO
"The decision by RBI will have a negative impact on the real estate. Normally, these schemes are offered by builders on projects which are under construction or about to complete. In our opinion, there are few projects in which these kind of schemes were offered before start of construction. The facilities are given to only eligible individuals after conducting proper due diligence by the bank. This decision will add more problems to real estate sector which is already struggling in the current scenario"