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Friday, January 16, 2009

RBI’s relaxation provides builders with an opportunity to hold on to high property rates that were quoted before the market slump

Builders, reluctant to reduce rates, keep on blaming banks for causing the market slump and lower sales volumes by charging high rates on home loans

The banking system’s plan to bail out cash-strapped housebuilders by restructuring loans to help them survive a market slump is under strain, as builders have gone back on their promise to sell properties at reduced rates, according to senior bankers.

Some bankers have complained to the central bank that after making use of the relaxed rules, which permit banks not to classify loans to real estate firms as bad loans the moment they are restructured, builders continue to hold on to artificially-inflated prices.
To read more, please, visit - The Economic Times

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