Public sector banks ready to fund NBCC to finish stalled Noida homes
Tags : News/Views
Four major public sector banks have offered to infuse fresh funds to complete about half a dozen stalled housing projects in Noida and Greater Noida if the state-run National Buildings Construction Corporation (NBCC) steps in.
The government has asked NBCC to give a list of such projects and the amount required to complete each of them, sources in the banking sector said.
The government is keen to finalise this plan and start work before the poll code of conduct kicks in ahead of the 2019 general election. The move to complete the projects is likely to send a strong message to a key constituency - the middle class - and come as a huge relief for harassed homebuyers.
Sources said that the banks have told the government that they will infuse funds only if the apartments and unutilised land are mortgaged for the amount lent by them to complete the projects. The banks have said that they will recover the freshly infused funds by selling the apartments or monetising the land once the projects get completed.