RERA Pitches for Realty Debt Recast

Real estate regulators are writing to the RBI, seeking one-time debt restructuring for the industry to help developers overcome the liquidity issues, Uttar Pradesh RERA Chairman Rajive Kumar recently said. Industry bodies CREDAI and Naredco have been demanding onetime restructuring of developers outstanding loans with financial institutions to prevent bad loans and making them eligible for fresh borrowings. Now All India Forum of Real Estate Regulatory Authorities (AIFORERA) has decided to take up the issue of one-time debt restructuring with the RBI, said Kumar, who is the Chairman of this new association. He informed that the forum will write to the Reserve Bank of India this week.