October 16, 2020

Banks can restructure loans to COVID-19-impacted real estate firms based on a project rather than a developer

The Reserve Bank of India (RBI) is about to give the go-ahead to banks to restructure the loans of real estate firms at the project level rather than the developer level. This step is expected to benefit both homebuyers as well as real estate developers. The step can ease liquidity and can also help to enable construction to recommence in projects that were paused because of the COVID-19 pandemic.

“Both buyers and developers will be relieved when stuck projects will eventually see the light of the day. From a customer standpoint, they will no longer need to wait for an indefinite period for their homes,” said Anuj Puri, chairman – ANAROCK Property Consultants.

Besides that, the developers will get the requisite liquidity to eventually complete their projects. Overall, it will ease liquidity within the cash-strapped real estate sector that has been struggling even before the pandemic set in.

That said, even while the RBI has given its nod to the banks, “we will have to wait and see how different banks carry this forward,” he further added.

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