Ajay Maken, the Union Minister of Housing and Poverty Alleviation has made an appeal to the Reserve Bank of India (RBI) for restructuring of loans for affordable housing in case the project is delayed due to extraneous reasons beyond the control of the developer. The Union Finance Minister P Chidambaram has also joined Maken to make the appeal to the RBI.
India's real estate players are hoping that the Union Finance Minister's budget provisions, to be announced on February 28, will bring down the costs of finance for the construction sector, which they insist will play a major role in offering lower rates for their product.
The Finance Minister P Chidambaram has asked South Korean companies to take advantage of the investment opportunities in the Indian infrastructure sector. The measures being undertaken by the government to improve investment climate include liberalisation in the FDI regime, promotion of exports, banking reforms, deepening of financial markets and fiscal consolidation. Contact: Ministry of Finance.