Many high-street banks will give up their first claims over assets and cash flow in favour of new financiers who step in to revive stuck housing projects that have left millions of home buyers across the country in the lurch.
Banks CEOs and senior industry officials discussed the matter a week ago, with several of them willing to relinquish their rights to new lenders offering priority funding.
At the end of May 2022, around 4.80 lakh units (launched in 2014 or before), worth over ₹4.48 lakh crore, were stuck in various construction stages in the top 7 cities, said a report by ANAROCK, a leading real estate services company. The value of stalled projects in the country would cross ₹5.5 lakh, said a banker.
Source:
Economic Times
