More credit support for homes
In a major boost to the slowing economy that comes literally in the nick of time, the Finance Minister Nirmala Sitharaman has hit a sixer with a slew of announcements for the banking and financial sector including NBFCs, HFCs and even MSMEs.
The government is taking a heads-on approach to addressing issues, supporting the key drivers of the economy and giving each of the sectors – including real estate – a massive shot in the arm in these stressful times, writes Anuj Puri, Chairman – ANAROCK Property Consultants.
The announcement to offer more credit support for purchase of homes, vehicles and consumption goods is an extremely welcome move which does not come a moment too soon.
This move gives a major liquidity support of an additional Rs.20,000 crore to HFCs and this will significantly improve the momentum of lending to cash-strapped developers by the NHB.
Many developers will now be able to complete their projects stuck or delayed which were languishing due to lack of funds – thereby benefiting their buyers directly. fiinews.com