New Delhi: The recession is going on in the country these days. Due to the economic slowdown, all the industries have been plagued. The real estate sector has been hit the hardest by the recession. Housing finance company HDFC Ltd has said that real estate needs help to overcome the current crisis. Company chairman Deepak Parekh said that the affordable housing sector has benefited a lot from the steps taken by the government during the past few years. But now home buyers are clearly looking for the right developer, right price, right size and right lender.
The government had recently announced a fund of Rs 20,000 crore to revive the real estate sector. About this, Parekh said that this fund of the government will help in the completion of stalled projects in the real estate sector. According to Parekh, HDFC is fully prepared to contribute to this fund.
The government has created a fund of Rs 20,000 crore to provide financial assistance to those real estate projects which are stuck due to purely financial constraints and which are not being pursued by NCLT or any other such authority. The government will contribute Rs 10,000 crore in this. The remaining amount will be raised through private and public sector lenders.
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