As many as six top real estate developers failed to repay loans they obtained from the market as a consequence shortage of funds and reduction in property rathttp://www.blogger.com/img/blank.gifes. Indian real estate firms are hit by losses due to lessening of property prices and drops in sales which had directly affected their capability to repay the loan they had obtained from various sources. According to a conservative estimate at least half a dozen real estate companies are finding it difficult to repay their loans among who two are senior bankers and other are real estate industry officials. From a source it has been revealed that around Rs. 20,000 crore was due for repayment by the real estate companies by 31st march after the slump in 2008-09.
According to a chairman of a renowned public sector bank all of these real estate officials are most likely to default. He also said that among them some are already facing overdue interest repayments. However as a fact the loan cannot become non performing assets (NPA’s) before the duration of 90 days. Banks do not earn money for such loans and they are required to set aside a sum of money for NPA. But for a defaulter obviously securing another fresh debt becomes very difficult.
According to a chairman of a renowned public sector bank all of these real estate officials are most likely to default. He also said that among them some are already facing overdue interest repayments. However as a fact the loan cannot become non performing assets (NPA’s) before the duration of 90 days. Banks do not earn money for such loans and they are required to set aside a sum of money for NPA. But for a defaulter obviously securing another fresh debt becomes very difficult.
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