FM assures more loans for real estate developers

Considering the worse hit to the real estate sector, the Finance Minister has assured the real estate developers that government will approach banks for fast lending. The slow down has also affected the real estate sector in India. The impact was seen on the lending to the real estate developers by the banks.

A delegation of builders under the Confederation of Real Estate developers' Association of India (Credai), met Finance Minister on Wednesday to complain against banks' reluctance to disburse loans to the real estate companies, according to media reports. In order to check the liquidity crisis the apex bank has restructured the interest rate from 8 per cent to around 12 per cent. This is the major reason which affected the real estate sectors during this market slow down, which led to rise in the prices of real estates assets.