Mumbai sources have stated that lenders such as ICICI Bank, State Bank of India and Yes Bank are seeking additional collateral on loans disbursed to real estate developers. It was stated that in some cases, they are insisting on personal properties of promoters as guarantees. Meanwhile under the new law Real Estate (Regulation and Development) Act, 2016 (RERA), a developer will have to maintain 70% money collected from home-buyers in a separate account.



According to sources it was stated that developer has borrowed from different set of lenders and sold equity in the project to some private equity players. Due to this, remaining floors of the building cannot be given as collateral and furthermore the developer has been asked to give a personal guarantee and put up one of his personal properties as collateral. An email sent to ICICI Bank, SBI and YES Bank did not elicit any response. 

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Moreover it was added that most of the lenders, including NBFC arms of private equity firms, are thinking of ways to safeguard against this unforeseen risk. It was stated that in case of another Noida-based developer, bankers are asking for collateral in the same property against which cash was lent. 


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