NHB to fund stalled housing projects
As a result of funding gap, many housing projects have been shut down and as a result, economy has slowed down. The government has directed many banks across the state to unblock values of stalled projects and provide financial dose to turn them viable.
National housing bank (NHB) decided to begin the search for the stalled housing projects and provide financing.
Small towns like Bhopal, Coimbatore and Meerut, which are known as business hubs, NHB is primarily looking for investing in those towns. Many residential projects have been stuck due to insufficient funding. To make these projects viable, fresh bank loans are needed.
If the project fails to become operational within two years after the proposed date, the banks have to classify the project as non performing and also in that case the real estate developers said that the loan will not be billed as NPA because the loan circle will not be completed.
Developers, economy slowdown, funding gap, Housing loans, housing pojects, Loan, Loans, National Housing Bank, NHB, Real Estate Developers, residentail real estate, Residential projects, stalled housing projects
It is very sad for we Indians,that the number of projects break in middle due to various reasons,in India.It is our country tradition,that in our country the projects start very fast but never be completed,projects ended in the middle of it status and left incomplete for ever.It generally occurs due to the process of our country politics.