Expected more stringent measures from RBI booster

Said Mr. Satish Magar,  President, CREDAI National

Credai placed demands for in front of RBI to boost the construction business of country

CREDAI,  the apex body of real estate developers association of India commented on the RBI policy announcement that was made today. Mr Satish Magar, President CREDAI National said that "Real Estate sector can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures.

Mr. Magar also said that, The move of moratorium extension is a short term piecemeal solution to a long term problem. The interest rate should be reduced with firm liquidity measures as this is the   need of the hour backed by one -time restructuring of loans to help the real estate sector from crumpling.

Organisation also said that, RBI has tried to ease the pressure on borrowers and has extended group exposure limit for lenders to corporates from 25% to 30 % but this is not enough to solve the ongoing liquidity crisis.

He also told that, Government now needs to ensure that banks are forthcoming and are passing on the benefits to us currently, there is a dearth of income in the sector owing to the COVID crisis.

Real estate industry remains the second largest employer after agriculture and prolonged slowdown in the sector will have a direct impact on  survival of 269 allied industries hence, it is critical for the Government  and RBI to take immediate measures  to  provide economic relief, said Mr. Magar.

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