Sitharaman, real estate developers discuss liquidity issue, need for stress fund

  • Nirmala Sitharaman today met real estate players and discussed ways to create demand in the country's real estate market
  • Real Estate developers suggested the creation a stress fund for completion of stalled projects

IANS
Published11 Aug 2019, 03:46 PM IST
A file photo of finance minister Nirmala Sitharaman
A file photo of finance minister Nirmala Sitharaman(PTI)

New Delhi: Finance Minister Nirmala Sitharaman on Sunday met real estate players and discussed ways to create demand in the country's real estate market

The major subjects discussed in the meeting included liquidity problems and completion of stalled projects.

Developers suggested the creation a stress fund for completion of stalled projects. The proposal was also put forward by home buyers in a separate meeting with the Minister during the day.

Speaking to reporters after the meeting, Niranjan Hiranandani, the President of National Real Estate Development Council (NAREDCO), said that the issue of ways to use stress funds for financing stalled projects was discussed in the meeting.

Jaxay Shah, President of Credai, said that the organisation had suggested the inclusion of financial institutions under the ambit of the Real Estate Regulatory Act (RERA) in order to aid the completion of stalled projects.

The meeting also explored measures to promote rental housing in the country.

Besides, in the meeting of the home buyers with the Finance Minister, the issues faced by them was discussed, including the need to complete stalled projects.

The home buyers' association, Forum For People's Collective Efforts, in its letter to Sitharaman noted that the stalled projects can be solved with a stress fund of at least 10,000 crore.

"The objective should be to complete all pending real estate projects pan-India within a span of five years by providing for such stress fund continuously for next five years," the letter said.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:11 Aug 2019, 03:46 PM IST
HomeNewsIndiaSitharaman, real estate developers discuss liquidity issue, need for stress fund

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Tata Steel

    157.75
    03:43 PM | 19 JUL 2024
    -8.6 (-5.17%)

    Tata Power

    414.15
    03:59 PM | 19 JUL 2024
    -15.85 (-3.69%)

    Bharat Electronics

    306.30
    03:45 PM | 19 JUL 2024
    -7.2 (-2.3%)

    Zee Entertainment Enterprises

    137.55
    03:57 PM | 19 JUL 2024
    -4.9 (-3.44%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Tata Teleservices Maharashtra

    102.11
    03:59 PM | 19 JUL 2024
    4.68 (4.8%)

    Rail Vikas Nigam

    614.00
    03:59 PM | 19 JUL 2024
    27.65 (4.72%)

    Jubilant Pharmova

    752.25
    03:43 PM | 19 JUL 2024
    25.3 (3.48%)

    One 97 Communications

    458.70
    03:55 PM | 19 JUL 2024
    13.65 (3.07%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      75,217.00292.00
      Chennai
      75,657.001,099.00
      Delhi
      74,485.00-659.00
      Kolkata
      74,485.00-73.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.75/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00
      OPEN IN APP
      HomeMarketsPremiumInstant LoanBudget