To provide more relief to the stressed real estate developers and borrowers of the housing segment, the RBI has given the moratorium of 2years for a one-time reconstruction of loans. The one time reconstructing of loans will not be categorized as non-performing assets and hence it will be recommended with the help of experts if needed.
The RBI’s indulgence in this scenario is highly appreciated because it is necessary for unchanging the policy rates and also to revive the sector with an increase in inflation for boosting the demand. In fact, the National Board of Housing (NHB) has been infused with Rs.5000crores liquidity which will provide more breathers in this crucial situation. This measure will help the MSME, companies, and individuals to cope up with the liquidity crisis and also safeguards the drowning industry. This can be the last funding to the stressed developers for relief themselves. This will also help the HFCs for capital infusion which will further help the developers to revive in the Covid-19 pandemic. It is assumed that the Indian GDP will go downwards in maximum in FY2020-21 because the real estate industry is the key to boosting up the Indian economy and its growth.
The real estate industry making the paths easier with the help of those proactive measures which were taken earlier and now the one time reconstructing of loans with helping them to make a huge change in the conditions which were caused due to coronavirus pandemic.
As the dreams of buyers were shattered and the sentiment was drowned due to coronavirus pandemic, the real estate industry has faced a slope down of residential sales in the first quarter of 2020 from the most popular seven residential markets and hence it gradually has a strong negative impact on the economy of the nation. The developers have seen the light of hopes and concentrating on sales unsold inventories rather than the new launches. Homebuyers should take a good decision for investing in Affordable Flats in Kolkata as the sector is reviving with the help of government norms and developers also serving many schemes to create the demand.
By LNN (Liyaans News Network)