Page 19 - BANKING FINANCE November 2018

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CR D eek ail ou a ka e o e real e or
Mo ilal wal Real a e
CR D the association o real estate the de elo ers and ho e u ers ut
e i S rira ro er ie
de elo ers sent a e orandu to the also the allied industries hich
ou in roje ri e Minister s ice sa ing that are directl or indirectl de endent on
Motilal s al Real state hich had housing and other rojects ere ac this sector
in used Rs ing an acute li uidit crisis a ter inan
n the letter CR D has su itted
crore cial institutions sto ed dis ursing sanc
an reco endations such as one
in a tioned loan a ounts
ti e restructuring
S h r i r a to uilders
sche e or ank
r o e r
n its letter to the loans and creation o
ties hous
M the Con edera a stressed asset und
ing roject in engaluru in end
tion o Real state or last ile unding
has e it the roject ith an a ount
De elo ers ssocia to co lete real es
o Rs crore Motilal s al has
tions o ndia tate rojects
e ited ro Shrira ro erties ndia
CR D has de
Realt cellence und R R should include a su li it o er
anded a one ti e restructuring o
he e it has een ro a housing cent or orda le ousing in o erall
roject Shrira reen ield near ank loans and creation o a stressed target o lending er cent to rior
hite ield engaluru asset und or co letion o real es it sector his ill hel increase lo
tate rojects
he und had in ested Rs cr in o credit to chea er rate to orda le
Dece er taking an e uit he crisis in the C s ace ca e to ousing CR D said
stake in the roject and has no e light last onth a ter S de aulted
or ia le rojects it said that ro t
ited ith an age result or internal on so e de t re a ents
Correcti e ction C nor s should
rate o return RR o ercent and
t a ti e hen de elo ers are under e rela ed so that such rojects are
a ulti le o M R hich is
i ense ressure to deli er rojects not stalled
a real estate ar o Motilal s al
on ti e inancial institutions are can
grou said in a state ent Stating that real estate sector contri
celling dis urse ents a ter the loans
utes signi icantl to the gro th o the
Shrira reen ield is a out illion ha e een sanctioned leading to the
ndian econo CR D Chair an
s t housing roject eing de elo ed non adherence o ti elines s eci ied
eta er nand said t this critical
across t o hases in engaluru he
to ho e u ers CR D said in a
juncture e seek o ern ent s i e
construction ork co enced in
state ent
and ithin our ears the irst diate inter ention to ro ide ade uate
he association said the real estate a enues o li uidit to de elo ers to
hase is nearing co letion hile
sector is e ected to e a ene iciar sustain the re i al o ndian realt
construction or the second hase is
o ulti le re or s ore ost eing
under a he roject has seen sales CR D resident a a Shah said
o o er ercent in entor Motilal the Real state Regulation and De el Currentl the ndian Real state sec
s al had raised Rs crore under o ent ct R R and S ut cur tor is at a stage here it re uires the
R hich achie ed its inal close rentl it is tra ed in a do n ard o ern ent s su ort ore than e er
in ril he und in ested dur s iral o un inished rojects and ta er
e ore e ha e su itted a ou uet
ing the eriod is ull de ing o o de and
o o tions to resol e this ertinent is
lo ed across in est ents includ
he lack o ade uate a enues o und sue o lack o a aila ilit o unds or
ing re in est ents
ing to de elo ers ill not onl a ect de elo ers
id tough arket conditions the
und has returned ercent o
und cor us including ca ital and in
terest to its in estors ithin a eriod
o ears ro its inal close the
state ent said
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