May 20, 2021

Realty Developers Seek Assistance from RBI to Counter COVID-19 Second Wave

Realtors have requested the Reserve Bank of India (RBI) to consider allowing loan restructuring, interest curbs and additional liquidity infusion into the realty sector. This happened to be in a row just after RBI Governor Dr Shaktikanta Das announced COVID-19 relief measures for startups, SHGs and MSMEs. RBI Governor announced a slew of schemes and measures to be implemented which includes the second round of loan restructuring and other relief measures, grant of a term liquidity facility worth INR 50,000 crore for the healthcare sector and SLTRO.

Recently, CREDAI has also requested similar measures to be implemented which shall address concerns of large business setups and labour-driven industrial sectors like the realty sector. The measures will expectedly be announced in days to come by.

While addressing the media channels, Mr Harsh Vardhan Patodia, president of CREDAI has mentioned the measures to offset the effects of the second wave. He further added that classified accounts vis-a-vis SMA 1 and SMA 2 are also eligible for restructuring and interest curbs coupled with liquidity infusion which are applicable under ECLGS 3.0 version. The measures will prove sufficient to kick-start the economy and boost the employment generation which will cater to shield against the effects of the second wave of COVID-19

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