Kindly find below the comments on the same by:
1.Mr. Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory on today’s RBI policy announcement.
“The RBI was expected to announce a status quo on rates after multiple and significant repo rate reductions over the past few months. The move to offer a further Rs.10,000 crores to NABARD & NHB will help bring liquidity to the sector. The 90% lending against gold will make it easier for the middle class to avail liquidity. It is important now for the RBI to further reduce the reverse repo to help banks lend further and let go of the cautious approach that has been adopted currently. Importantly, the move to form an expert committee to examine the one-time restructuring of loans will significantly help borrowers mitigate the impact of COVID-19 and the subsequent lockdowns.
2.Mr. Bhushan Nemlekar
Director, Sumit Woods Limited
The decision to allow one-time restructuring of loans by RBI is a great news for the real estate industry. This will certainly help a lot of developers to complete their projects on time and a lot of buyers to get their homes soon.”
3.Mr. Rajan Bandelkar
President, NAREDCO West
”The RBI has approved a long pending demand of the real estate sector to allow one-time restructuring of loans. This will boost the much-needed liquidity and streamline stressed assets in the real estate sector. But this restructuring comes with a stipulation and It will be implemented by March 31, 2021. It would have been an icing on the cake, had the RBI considered the net worth positive projects and allowed one-time restructuring for all the projects, which were held up. On the other side, the move will upscale the efforts of the realtors to revive the housing demand by selling-off unsold housing inventories too. Another Rs 10,000 crore window facilitated through the National Housing Bank & NABARD will shield the housing sector from liquidity disruptions and will augment the flow of finance to the sector through housing finance companies. This provision will reduce the stress being faced by smaller non-bank finance companies and micro-finance institutions in obtaining access to liquidity.”