RBI may clamp down on ECBs for real estate

Jawala Real Estate Pvt Ltd199.30 MISEZ205.00 Mundra Port & SEZ252.00 Hills Cement Co Ltd15.00 Varsha Hillfort Resorts33.42 L&T Krishnagiri Thopar Tolls97.34 Source: Bloomberg  Banking sources said the government may also consider lowering the ceiling on raising of funds overseas under the automatic route.  Real estate companies have raised close to $802 million as ECBs in fiscal 2007, according to statistics put out by Bloomberg. Of this, almost $457 million was raised by two mega special economic zones, Reliance and Mundra Port and SEZ Ltd, which the RBI has classified as lending to the commercial real estate sector.  Overseas fund raising is currently allowed for only integrated township development on a minimum of 100 acres of land. A commerce ministry directive dated January 4, 2002, said the term