RERA to approach RBI for one-time debt recast to overcome liquidity crisis

Real estate regulators will write within a week to the RBI, seeking one-time debt restructuring for the industry to help developers overcome the liquidity issues, Uttar Pradesh RERA Chairman Rajive Kumar said on Saturday.

Industry bodies CREDAI and Naredco have been demanding one time restructuring of developers outstanding loans with financial institutions to prevent bad loans and making them eligible for fresh borrowings.

Addressing a webinar, he said the decision to extend timelines for completion of projects by six months has been taken for the benefits of homebuyers and ensure customers get possessions of their flats.

Kumar asked developers not to impose any