There is good news for citizens who have not been able to take possession despite purchasing flats for the past decade. The Reserve Bank of India (RBI) may discuss real estate funding in a meeting to be held in Bhubaneswar today. If all the components are agreed upon, then the defaulting builders in real estate can be discussed for providing a lump sum and waiving interest.
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How will flat owners benefit As a matter of fact, most of the flat builders are not able to take up the work of flats due to a lack of liquidity and unable to repay large loans. The central government and RBI are considering that these builders be given some relief in the current economic problem by giving at least some concession. The builders have been demanding that the government waive a lump sum interest so that the pending flats can be prepared and handed over to the plat owners as soon as there is liquidity.
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On the lines of the Lehman Crisis in 2008, the builder is seeking a one-time relief Experts say that during the 2008 recession, the government had made a provision of a loan waiver while giving a one-time relief to the industry. With the help of this, various sectors of the industry were successful in getting themselves back on track. In the RBI meeting on Friday also, the builders are hoping that the government should pay attention to it and make a concession in the banks by making an agreement.
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RBI will also consider funding measures According to RBI sources, the RBI can discuss not only loan waiver for real estate funding but also various measures for it. A one-time loan waiver is not really a long-term helpful step. This is the reason that various dimensions will also be considered in the meeting to get possession of flat owners at the earliest.