India Development News & Foreign Investment Opportunities

FM Rides to Real Estate’s Rescue

More credit support for homes

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More credit support for homes

 

PIB.
Minister Nirmala Sitharaman addressing a press conference, in New Delhi on 23 August 2019. Also at the conference was Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur, the Secretary, Department of Financial Services, Rajiv Kumar, the Principal Director General (M&C), Press Information Bureau, Sitanshu R. Kar and other dignitaries.

 

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

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