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    We are not asking for free money, we are just asking for time: Satish Magar, Credai

    Synopsis

    In order to kick start the economy, the housing sector needs to come up.

    Satish Magar, Credai-1200
    We have to remember that to kick start the economy, the housing sector needs to come up. We are the second largest employers. A lot of industries depend on the housing sector, says Satish Magar, President, Credai. Excerpts from an interview with ETNOW.

    Mr Hiranandani has said he personally has been spearheading the talks with PMO on behalf of Naredco and you have been doing it on behalf of Credai. The ball is now in RBI’s court. We have been told that Centre is in favour of it and it is going to be the RBI’s decision to allow this. Are you optimistic that you could see this one-time recast that we saw in 2008 or could it perhaps come with a lot of other caveats?
    If it comes, the one-time debt rollover should be across the board. There are projects which are nearing NPA status. They are cash flow positive but because of interruptions which has happened in the last couple of years, some stress features have come in. There is going to be a breather for the developers, so that he can complete the projects. What will happen is that banks will get the money which is stuck, the buyer will get his flat back and so it will be a win-win situation for all three.

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    That is why Naredco and CREDAI has been pursuing this. We have had meetings in Delhi. We have spoken to the RBI governor requesting for all this. We have to remember that to kick start the economy, the housing sector needs to come up. We are the second largest employers. A lot of industries depend on the housing sector. If it is going to go down because of some problem, if it is a problem of a developer, do not bail him out. We are totally in favour of that. But if it is a problem which is created by the circumstances, I think this rollover for one-time is required. We are not asking for a waiver, we are asking for a rollover. There is a difference between waiver and a rollover. We are not asking for free money, we are just asking for time, so that everything comes back on track.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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