Breaking News
• CASAGRAND Aspiring Stars Program felicitates Young Tennis Champion Suhitha Maruri from Bengaluru    • Qingdao Hicorp Group Heavy Industry Science & Technology Company Attended EXCON 2019 International Construction Machinery Exhibition    • New Hydraulic Excavator From beml    • At Excon 2019, Komatsu, L&T and Scania reaffirm commitment to the CE Industry    • Komatsu PC210-10M0, NextGen Truly Efficient Excavator, launched by L&T at Excon 2019    • Doosan Bobcat India to launch Volvo Penta powered air compressors at EXCON 2019    • ACE showcased the best in Construction Equipment Industry at Excon 2019    • AJAX launched 3 Next-Gen innovation products at EXCON 2019    • Hyundai CE India launches five new Excavators and Forklift range at Excon 2019    • GS Caltex India wins prestigious Yellow Dot Awards for most innovative part supplier-Lubricant category to Construction Industry during EXCON 2019    • ZOOMLION Appears on the Indian EXCON and Localized High-end Equipment Highlights the Market Competitiveness    • Rossi technologies moves the Indian Industry    • JCB India launches its all new ecoXpert Backhoe Loader; introduces the NXT series and the Quarry Master range of Excavators, also launches its new range of side engined Telehandlers at Excon'19    • ‘Over dimensional cargo movement is critical for completion of large infra projects'    • Voltas presents Design Wall 2019 Delhi    • Trimble showcases next-gen solutions for Civil Engineering & Construction Segment at EXCON 2019    • Shell Lubricants India showcases future ready solutions at EXCON 2019 enabling “Less Downtime, More Go Time” for industry players    • Schwing Stetter participates in EXCON 2019, launches 22 new products    • Leeboy India Construction Equipment (P) Ltd,    • CUMMINS INDIA BUILDS ON 100 YEARS OF INNOVATION AT EXCON    • Indian Railways to invest over ? 10 lakh crore on various projects in the next 5 years    • India has the potential to lead the world in Technology: Mr. Kris Gopalakrishnan at CII EXCON 2019    • “Expect 40% Increase in Sales”: Nitin Gadkari to Construction Equipment Industry    • Atlas Copco unveils next generation portable air compressors at Excon 2019 in Bengaluru    • CASE India becomes a full liner with launch of CX220C Excavator   

Govt presses 'revival' button to ease real estate distress

India's housing sector may finally witness a silver lining as the government makes concerted efforts, along with financial institutions, to ease distress.

The ?25,000 crore package that the government approved addresses the key pain point of stalled residential projects, in a sector that has now witnessed a five-year long slowdown. Besides, the Supreme Court setting a finite timeline of 90 days to complete the resolution process of Noida-based developer Jaypee Infratech Ltd also brings relief to buyers of over 20,000 flats that are yet to be built.

The dearth of last mile financing has been a critical issue in projects getting stalled, aggravated by slow sales and low customer payments, because homebuyers today don't want to buy under-construction projects due to the risks involved.

However, the current revival package for 1600 projects across major cities, is a good starting point, said developers and analysts.

By including projects that are non-performing assets and even if they are admitted in national company law tribunal (NCLT), the government has now expanded the scope and eligibility of more projects that can be included under the scheme.

So far, the government's main focus has been on low-income housing, in the ?45 lakh and below category. But by including homes priced upto ?1.5-2 crore in Mumbai and National Capital Region (NCR), the two largest property markets, the largest section of mid-income homes will stand to benefit.

The move by the finance minister is likely to become a game changer as it now includes projects, which are NPA or are under NCLT, a major pain point that was left unaddressed in the September announcement, said analysts.