The Hiranandani group of developers also had some deals seeing online closure
India Ratings and Research said on Wednesday that the lockdown imposed by state governments would hit infrastructure construction in the big cities
Real estate developers, battling a prolonged slowdown in demand, are struggling to raise funds to construct or complete projects
Although residential sector continues to face head winds, there could be opportunities brewing in the distressed space
They rued that the government has not adequately addressed the issue of demand slowdown and lower sales
Total value of unsold inventory in central Mumbai is estimated to be Rs 45,000 crore, while that for Mumbai city stands at Rs 83,000 crore
Lending to real estate developers by non-banking finance companies and housing finance firms (HFCs) fell by almost half to about Rs 27,000 crore because of liquidity crisis triggered by IL&FS default in September last, according to a report by property consultant JLL. With large non-banking finance companies (NBFCs) and HFCs shying away from fresh lending to real estate developers, smaller ones have come to the rescue of builders and provided Rs 4,000 crore fund during the second half of the last financial year, it added. "Default by leading NBFC - Infrastructure Leasing & Financial Services (IL&FS) in scheduled payments led to a liquidity squeeze in the real estate sector since September 2018," JLL India Country Head and CEO Ramesh Nair said. NBFC and HFC funding was normal during April-September 2018, but due to the crisis, the lending slowed down substantially during the second half of 2018-19, considered to be the peak period for lending activities. "In 2018-19, net ...
NHB data show a win for affordable housing; loans of up to Rs 25 lakh were 76% of all disbursements