NAREDCO sets up committee to help builders access funds

The National Real Estate Development Council (NAREDCO), under the Ministry of Housing and Urban Affairs (MoHUA), has formed a National Finance Committee (NFC) at the NAREDCO 24th Annual General Meeting to give developers easy access to funds based on merit and viability of the projects. The committee will operate as a one-stop-shop, aggregating financing options from multiple large financial institutions. Merchant bankers and Resurgent India Ltd will be actively associated with the NFC, said NAREDCO in a statement. The NFC will also support large-scale projects to access funds via financial institutions and educate members to enhance their credit ratings. Rajan Bandelkar, national president of NAREDCO, said in a statement that NFC has been formed to help the industry and developers and infuse liquidity into the system and help the consumers too with ready-to-move-in projects. “The establishment of NFC will help us create a pipeline of project deliveries in coming quarters and years, and also help consumers to get home loans when the need arises,” said Bandelkar. See also: Housing sales expected to exceed 3.6 lakh units in 2022 in seven citiesSpeedy and cost-effective construction through PEBs