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Union Finance Minister Nirmala Sitharaman has promised to “give a fresh and open-minded look’, including the one-time debt restructuring issue, to help the cash-strapped real estate sector.
This is a sign of hope for the industry, which has been asking for a one-time debt restructuring, passing the repo rate cut benefits to the end user and GST benefits, according to a press release issued by Mumbai Metropolitan Region (MMR) Action Committee of developer’s body Credai MCHI.
The MMR Action Committee has also petitioned the Prime Minister via online garnering of about 35,000 signatures.
On Tuesday, former Chief Minister Devendra Fadnavis, who is also the Leader of Opposition in Maharashtra legislative assembly, addressed a webinar of real estate developers and assured them of finding a solution for the one-time debt restructuring issue. They had also promised to take up the issue with the Finance Minister.
Fadnavis also concurred with the developers that this step will bring in relief to the industry facing a lot of financial stress, the release said.
The former Chief Minister has also expressed his shock that banks have not yet passed on the benefit of the repo rate cut to the end consumer.
He also said that the massive loan repayment defaults arising out of high interest rate will lead to a big jump in non-performing assets (NPAs) for the banks, which will “be disastrous for the economy as a whole”.
The banks’ attitude does not live up to the good intentions of the Centre and RBI who are keen on increasing the liquidity, Fadnavis remarked.
Fadnavis said Prime Minister Narendra Modi is keen to support the businesses all across, which is exactly why the announced the Rs 20-lakh crore relief package with predominant focus on the MSME sector.
Earlier, making a presentation on the developers’ issues, MMR action committee spokesperson Ajay Ashar told Fadnavis that banks were in a comfortable position when they deal with real estate developers. They get an Return on Equity of 22-25 per cent, which is the highest in the world.
Credai MCHI President Nayan Shah pointed out that nothing from the Rs 20 lakh-crore package announced by the centre benefits the real estate developers. The economy as a whole will revive itself if real estate survives as every paisa given to the developer goes to the country’s economy
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