NAREDCO demands one-time loan restructuring for stuck realty projects

19 Jul 2021 CW Team

National Real Estate Development Council (NAREDCO) has urged the government for a one-time restructuring of loans and last-mile funding for stalled realty projects to rescue the real estate sector from the liquidity crisis caused by Covid 19.

In this regard, a delegation of developers’ bodies led by the Chairman of NAREDCO-Uttar Pradesh R K Arora met Finance Minister Nirmala Sitharaman.

The delegation demanded extending the suspension of some provisions of insolvency law by a year more.

NAREDCO submitted a memorandum containing several expectations of the real estate sector from the government to meet the challenges caused by the pandemic.

Arora told the media the delegation informed the finance minister about the liquidity crisis in the real estate sector due to the Covid 19 pandemic.

The statement said that all the real estate projects are on the edge of collapse, and unless the government supports the sector, the project implementation will come to a halt.

NAREDCO urged Sitharaman to direct the Reserve Bank of India (RBI) to implement a one-time rollover or restructuring of project loans disbursed by banks and financial institutions.

The delegation also discussed the requirement for last-mile funding to finish the stalled realty projects as there are more than 4,000 projects which need such funding.

Since the existing lenders are not releasing their charge against existing loans and not giving no objection certificate (NOC), the developers are deprived of the advantage of the declared Stalled Affordable and Middle-Income Housing Projects (SWAMIH) alternative investment fund, as per the statement.

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