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.

Image Source

Also read: Maha govt offers double bonuses to builders for redevelopment projects

Also read: NAREDCO seeks govt intervention to check rising prices of raw materials

Infrastructure Transport

11 May 2026

RAHSTA 2026 to Host Certified Highway Construction Masterclass

RAHSTA 2026 will organise the Certified Highway Construction Masterclass, a specialised two-day corporate training programme for highway construction professionals, on July 8–9, 2026, at the Jio World Convention Centre.The Masterclass will be delivered by RASTA – Center for Road Technology and supported by Construction World and FIRST Construction Council.Designed as an industry-led refresher programme, the Masterclass aims to help engineering and project teams stay updated with the latest advancements in highway construction, pavement technologies, sustainable materials, intelligent compa..

Grand Mercure Mysuru Turns 10; BHVL to Invest Rs 1,000 Crore in Karnataka

Brigade Hotel Ventures Limited (BHVL) has marked the 10th anniversary of its flagship property, Grand Mercure Mysuru, by announcing a major investment plan of around Rs 1,000 crore in Karnataka over the next five years. The company said the investment will be directed towards new hospitality projects as well as modernisation of existing assets, aligning with the evolving demand for experiential tourism.The announcement comes as BHVL reiterated its focus on strengthening Mysuru’s position as a prominent global tourism destination by supporting the local micro-economy and adopting sustainable ..

Ottobock and Celcius Set Up Prosthetics Warehouse in India

Celcius Logistics, a domestic third-party logistics (3PL) company specialising in end-to-end cold-chain solutions, has partnered with Ottobock India, the Indian arm of Germany-based Ottobock, to establish a dedicated prosthetics warehouse and logistics distribution hub in India. As part of the collaboration, a technology-enabled facility has been launched in Thane to streamline storage and nationwide movement of prosthetic and assistive devices.The dedicated warehouse is expected to strengthen the medical supply chain by reducing turnaround time and improving access to prosthetic products acro..