Shares of five housing financing companies rose 1.17% to 8.06% after the Reserve Bank of India (RBI) eased norms to give relief to commercial real estate developers.
RBI allowed by another year the extension of date of commencement of commercial operations (DCCO) of project loans for commercial real estate, delayed for reasons beyond the control of promoters.Indiabulls Housing Finance (up 8.06%), LIC Housing Finance (up 5.34%), PNB Housing Finance (up 3.3%), Can Fin Homes (up 1.42%), HDFC (up 1.27%) and GIC Housing Finance (up 1.17%) advanced.
"It has been decided to permit extension of DCCO of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by another one year without downgrading the asset classification, in line with treatment accorded to other project loans for non-infrastructure sector. This would complement the initiatives taken by the Government of India in the real estate sector. The detailed instructions will be issued shortly," RBI said in a release on 'Statement on Developmental and Regulatory Policies' today.
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