Government wants RBI to help boost credit
India’s central government  wants the Reserve Bank of India’s help in increasing credit to the commercial real estate sector. The current liquidity crunch among Non-Banking Financial Companies (NBFCs) has hurt the real estate sector as developers have relied on them…

India’s central government  wants the Reserve Bank of India’s help in increasing credit to the commercial real estate sector.

The current liquidity crunch among Non-Banking Financial Companies (NBFCs) has hurt the real estate sector as developers have relied on them for credit in recent years as commercial banks have imposed curbs on lending.

Not only will the resulting financing shortage lead to a slowdown in new construction and cancellation of housing projects, but it will also lead to job losses, reports say.

After securing a relief package for small businesses earlier this week, the Modi government is  seeking  RBI help in reviving  the real estate market.

The current liquidity crunch among NBFC following the IL&FS crisis has hurt the real estate sector.

The Indian Express said not only will the resulting financing shortage lead to a slowdown in new construction and cancellation of housing projects, but it will also lead to job losses.

Simultaneously, there is also a demand-side problem as the recent interest rate hikes have made it more expensive for potential homebuyers to take out housing loans.

(ends)

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