The real estate sector is enthused by the government’s ambitious ‘Housing for all’ policy and seeks definite directions on the policy front in the upcoming budget, says C Shekar Reddy, National President, CREDAI. The success of any effort on providing housing for all requires mechanisms for adequate funding for low cost buyers and for developers as a prerequisite. ?While long-term mortgage market is well developed for middle and high income groups, customers falling under low and moderate income groups find it difficult to access finance. Even access to capital for developers too is highly under served.
Reddy further adds that though Housing Finance Companies (HFCs) exist to address this segment, their funding limits need to be augmented. Currently, as per RBI guidelines, HFCs, registered with National Housing Bank (NHB), can offer loans below Rs 25 lakhs for a property value below Rs 30 lakh. These HFCs should have a minimum net worth of Rs 300 Crores for each of the last three years. Specialized HFCs who are funding low cost Housing will not meet these criteria and they should have an equal opportunity to access External Commercial Borrowings (ECBs). As of now, ECB for HFC is permitted under the approval route and we urge the government to move it to automatic route. Currently ECB for Construction Finance to Developers is permitted only under approval route; CREDAI recommends that ECB approval be moved to the automatic route with certification from a reputed Architect for the plans which meet the criteria of Affordable Housing definition.

here is company details.

 

NOTE :You need to login first to access this feature.