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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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