Realtors relish ₹10,000-cr package for realty sector

Real Estate Projects
Realtors have hailed the government's announcement of ₹10,000 crore special windows to provide last-mile funding for completion of ongoing housing projects which are not NPAs or facing bankruptcy proceedings. The FM in her statement declared that the special window and roughly the same amount is also expected from outside investors. This window will help in completion of affordable and middle income housing projects. The fund will be managed by professionals. She also said that the interest rate on house building advance will be lowered and linked to the 10-year G-sec yields and among others, this will encourage more government servants to buy new houses. External commercial borrowing (ECB) guidelines will also be relaxed to help housing developers obtain overseas funds. ECB guidelines will also be relaxed to facilitate financing of homebuyers who are eligible under Pradhan Mantri Awas Yojna, in consultation with the central bank. However, property developers and consultants said that the government has not adequately addressed the issue of demand slowdown and lower sales and they are also hoping for an increase in the price cap of affordable housing to ₹45 lakh or more.

According to NAREDCO President Niranjan Hiranandani, the announcement of funds is a welcome step as it will ensure completion of many affordable and MIG projects that have been stuck because of last-mile funding crunch However, the announcement will not solve the problem of delayed/stalled projects in locations like Delhi-NCR. Chairman, CREDAI, Jaxay Shah said that the real estate sector is the second largest contributor to the country's GDP and expects more support. He reiterated that the sector is working towards realizing the PM's dream of housing for all by 2022 but the task is becoming challenging if the requisite policy reforms will not be announced. Chairman, Anarock, Anuj Puri said that the stressed asset fund is a major boost to the housing sector (affordable and mid segment) and a perfect festive treat for millions of home buyers who have been anxiously waiting for their homes.
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