Devendra Fadnavis to move PM, FM with plea for one time debt restructuring

NEW DELHI: Builders “logical, genuine and reasonable” demand for a one time debt restructuring will be taken up with the finance minister, said Devendra Fadnavis at a webinar held with the developer community.



He has promised to take up the various demands of the crisis-ridden developer community with the centre and try to get them resolved. He concurred with the developers that this step will bring in relief to the industry facing a lot of financial stress.


Fadnavis said he has already indicated to Nirmala Sitharaman beforehand that he would be accepting a petition from the developers. “She immediately gave me a go-ahead,” he said and expressed the confidence that “she will definitely look into the issue”.


“I have already been discussing the real estate and other economy issues at various levels at the Centre and getting a positive response,” he said and expressed the feeling that he did not see any problems in resolving the real estate industry’s problems.


Later, Fadnavis tweeted: “Received online petition from CREDAI-MCHI, signed by almost 35,000 developers. The real estate industry requires many interventions from State & Central Government. I have assured them to take their petition to Hon FM @nsitharaman ji”


In another tweet, he said: “Along with other, main issues are restructuring of loans, pushing banks, HFCs & NBFCs to pass on benefits of repo rate cuts to the consumers, input tax credit to be given under GST.I assure all members that these & all issues will be taken up with the appropriate authorities.”


The former Chief Minister expressed his shock that banks, but for SBI, have not yet passed on the benefit of the unprecedented repo rate cut to the end consumer. He agreed with CREDAI MCHI that the massive defaults arising out of high interest rate will ultimately lead to a big jump in NPAs for the banks as well and “this will be disastrous for the economy as a whole”.


On extending the RERA time limit for completion of projects to March 2021, the senior BJP leader said there is a provision for this and he would take it up with the government.


On facilitating GST input credit for new projects, Fadnavis said the matter has been flagged to the GST Council and he expected a decision soon.


Source: https://realty.economictimes.indiatimes.com/news/industry/devendra-fadnavis-to-move-pm-fm-with-plea-for-one-time-debt-restructuring/76291505

June 10, 2020

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