Spenta Corporation and Goodwill Developers.
By Mr. Farshid Coopers, Managing Director of Spenta Corporation:
The economic stress caused by the COVID-19 pandemic is being addressed at every juncture by Government and authorities like the RBI. Revising the reserve repo rate to 3.75% will promote the banks to infuse liquidity parked with them into the market thereby easing the liquidity. The Real estate Industry which has been cash strapped for more than a year now can expect a breather as loans given by the NBFCs for will not be classified as NPA even on non-repayment for a period of 1 year. Furthermore, we hope that even going forward, depending on how the re-opening of the economy pans out, the government will come up with several measures to ensure that the economy and job growth returns to normal functioning as soon as possible.
By Mr. Hakim Lakdawala, Group Promoter, Goodwill Developers:
The Government, authorities and the Reserve Bank of India have been constantly taking cognizance of the situation and announcing measures to mitigate the impact of COVID-19 on the economy. The decision of revising the reserve repo rate from 4% to 3.75% is one such commendable step taken by the RBI. This step is intended to ensure cash flow and liquidity in the market. Allowing NBFCs, who have given loans to real estate companies to get similar benefits as given by the scheduled commercial banks, at a challenging time like this is an encouraging sign. Commercial real asset class loans will also observe a momentum as deferment of payment up to 1 year will allow developers more time to construct and deliver projects on time. With few construction activities looking to re-start post 20th April, we are hopeful that the situation normalizes and India moves to a path of recovery
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