Banks asked to fund partially completed residential projects
In order to give a boost to the real estate sector, financial services secretary D K Mittal has asked banks to focus on funding of partially completed residential projects on a priority basis.
Funding projects in small towns has also been asked to prioritise.
In a meeting with Indian Bankers’ Association (IBA) and developers body Confederation of real estate developers’ association of India (Credai) in Mumbai, the secretary has asked developers and builders to conduct a survey of unsold housing stock in cities.
To revive the real estate sector, Credai has also been asked to work on rating the real estate projects.
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[...] Banks asked to fund partially completed residential projects [...]