A request proposed by the realtors to RBI for easier lending norms
Delhi-NCR: Real estate is the most promising business in India. The Indian government has plans to making houses for all in 2020. So, down the line there are more than twenty million houses needs to be built. The real estate agents are working towards reaching the goal; however, the funding by RBI is not satisfactory.
The recent meeting with Raghuram Rajan, the RBI Governor and the Confederation of Real Estate Developers’ Association of India (CREDAI) have helped realtors like Pawan Kumar Dhoot the managing director of Dhoot Group to voice out their concerns. The chairman Irfan Razack, President Jaxay Shah and the members of CREDAI attended the meeting with Governor to revise the lending norms of real estate projects. The realtors reiterated the RBI to allow banks to provide the fund for land purchases.
Realtors from Dhoot Developers firmly believe that the real estate sector in India needs recognition from RBI. The banks should also consider reducing the risk elements and allow external commercial borrowing which will help the real estate business to flourish. Dhoot Group of companies have been successful in delivering real estate projects and constantly works to support the Government and public in real estate sector.
We also firmly believe that the banks should come forward to fund land transactions. Dhoot Developers and other real estate projects currently depend on funds from private and non-banking financial companies. Pawan Kumar Dhoot, MD Dhoot Group firmly believes that if RBI takes necessary steps, it will be a great achievement for all the real estate projects in India.
As per Deepak Parekh, the chairman of Mortgage lender HDFC, the reduced interest rate will not be of any help unless banks and housing finance company come forward to fund land transactions. The realtors are hoping for the best action to be taken by RBI.