New Delhi, Feb 17 (IANS): With a view to provide solutions to stressed real estate projects, the National Real Estate Development Council (NAREDCO) has announced that it will be holding a roundtable discussion with leading banks in the country to address the issues and challenges faced by the real estate industry in obtaining funds.
The roundtable discussion is scheduled to take place on March 3, on the sidelines of the NAREDCO Financial Conclave, a brainchild of NAREDCO Finance Committee formed with an objective to provide solutions and guidelines for funding to the stressed real estate projects. The conclave will be attended by representatives from the Finance Ministry, Housing & Urban Affairs Ministry, Financial Institutions and Special Funds etc.
The discussion will focus on the need for greater access to funds and the role that banks can play in supporting the growth of the real estate industry. The real estate industry is a critical sector of the Indian economy, providing employment opportunities and contributing significantly to the GDP.
"The real estate industry is facing several challenges, including a lack of funds, which is hindering its growth and development. We believe that banks can play a significant role in addressing these challenges and supporting the growth of the industry. This roundtable discussion is an opportunity for us to work together and find solutions to these challenges," said Rajan Bandelkar, president, NAREDCO.
"The real estate industry is currently facing a significant challenge as funding opportunities have dried up, which has impacted the growth of the sector. As a result, the NAREDCO Financial Conclave will play a crucial role in addressing this issue while ensuring that banks' funds remain safe and secure. By bringing together leading banks and real estate developers, the roundtable discussion will provide a platform for identifying innovative solutions to help the industry overcome the current challenges and support its sustained growth and development," said Sathish Kumar, chairman, NAREDCO Finance Committee.
The discussion will also explore ways to increase the availability of alternative sources of financing for the real estate sector. The aim is to create a more conducive environment for debt restructuring in the real estate industry, which is essential for the industry's sustained growth and development.
The discussion is expected to be a significant step towards creating a more favourable environment for the real estate industry in India. The industry is expected to play a critical role in the country's economic recovery, and the support of the banking sector will be essential in achieving this goal.