India’s liquidity-starved economy will restrain housing market activity and price rises in coming months and into 2020, according to a Reuters poll of property market experts who were skeptical aggressive interest rate cuts will revive it.
After measures announced by Finance Minister Nirmala Sitharaman to deal with the economic slowdown, government will announce relief package for real estate sector, under which a stress fund may be set up to help complete unfinished projects.
Liquidity problems and completion of stalled projects formed the core agenda of the meeting on Sunday between Finance Minister Nirmala Sitharaman with real estate players which discussed ways to create demand in the country's realty market.
The Supreme Court on Friday upheld the status of homebuyers as financial creditors as per the amendment in the Insolvency and Bankruptcy Code (IBC).
India’s debt-laden shadow bank Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday said its creditors would not have to take any haircuts on principal payments under its resolution plan, sending shares up as much as 10%.
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Supreme Court's recent landmark verdict on the Amrapali case has brought the limelight back to the the Indian realty sector and lakhs of home buyers as numbers of incomplete and stalled housing projects continue to be on the rise creating "ghost cities" by the day.
The Economic offence Wing of Delhi Police on Wednesday registered a case of cheating against directors of the Amrapali Group, said officials.
Realty major DLF's net debt declined 35 per cent to Rs 3,416 crore during the first quarter of this fiscal on better sales and fund infusion from promoters.