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Realty sector needs banking boost, says NAREDCO head Sunil Mantri

MUMBAI: The inaugural NAREDCO real estate banking conclave on the need for banking and investment reforms for the real estate sector to meet the vision of ‘Housing for All’ by 2022 focused on issues like seeking avenues for raising capital for real estate development, raising ECB limits, single window clearance for projects and the real estate sectors role in the growth of the economy.

NAREDCO REB ConclaveHeads of banking and financial institutions, developers and NAREDCO heads from various states attended the conference here on Wednesday.

Seeking an active participation from the banks and the authorities, Sunil Mantri, President NAREDCO & Chairman, Mantri Group, said “Banks’ exposure to the real estate sector is about 4 percent and the developer community has to seek alternative routes to raise capital which are short term and expensive’.

The real estate sector, he said, needs around $2 trillion to meet the vision of ‘Housing for All. Looking at the current deficit of over 40 million units, Mantri said, additional avenues like ECB to raise capital have to be increased from the current $1 billion to around $ 10 billion with faster approvals.

The conference provided an opportunity to realtors to place banking and financial issues in the real estate sector before the Government, RBI,  banks, and HFIs.

The panelists at the NAREDCO real estate conclave had dignitaries like  GS. Sandhu, Secretary, Ministry of Finance, KBS Sidhu, Joint Secretary, HUPA, R. Gandhi, Dy. Governor, Reserve Bank of India, SS Mundra, Dy. Governor, RBI and Rana Kapoor, President, ASSOCHAM, and MD & CEO of Yes Bank.