Piramal, Poddar to possibly develop DHFL’s SRA projects

Leading developers Piramal Realty and Poddar Housing are keen to become master developers in Mumbai’s slum rehabilitation projects that Dewan Housing Finance (DHFL) has funded, ensuring future cash flows to the home financier and giving comfort to lenders crafting a resolution package for its outstanding debt. DHFL has a builder loan book of about 40,000 crore. Of this, 25-30% would be loans given to real estate builders engaged in the slum rehabilitation projects. There are about 10 such developers. A master developer is normally engaged in a large pool of projects. It is responsible for aiding smaller builders in executing them. Their involvement will help all cash-strapped builders that could not repay DHFL loans.