Saturday, January 3, 2009

Overseas funding to boost real estate

The second economic stimulus package announced by the government has some good news for the troubled real estate sector.

The fund-starved sector would be now permitted to tap the external commercial borrowing route to raise money, subject to the Reserve Bank of India approval, provided the money is used for the development of integrated townships. (For example..Paranjape Schemes' Blue Ridge, Kumar Properties' Megapolis, Magarpatta's Nanded City Pune, Amanora Park Town)

There would also be a dialogue between the central and state governments to release more land for the low and middle income housing.

Coupled with these, the RBI's easing monetary stance, signalling a lower interest rate regime, also is good news for the beleaguered sector.
To read more, please, visit - The Times of India

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