NFC (Non-banking Financial Companies) will also support large-scale projects to access funds through financial institutions NAREDCO said in their statement.
New Delhi: The NAREDCO (National Real Estate Development Council), an apex body formed under the support of the Government of India, Ministry of Housing and Urban Affairs, has launched the NAREDCO Finance Committee (NFC), which would enable builders or developers to have easy access to funds based on excellence and feasibility of the projects and to support and help its members.
The NFC will help its members to access funds professionally while matching its members’ financing requirements with the financial institutions, banks, and non-banking financial companies (NBFCs) loan to the real estate industry.
In its statement, NAREDCO said that the NFC would also support large-scale projects to access funds from financial institutions and the government to increase their credit score.
Rajan Bandelkar, national president of NAREDCO, said that the end-users and investors have been investing in the real estate market, and liquidity limitations have obstructed the development and regular supply of complete units.
The establishment of NFC will help us create a pipeline for project deliveries in the upcoming years and quarters and allow buyers to get easy home loans when needed.
National Real Estate Development Council members can apply to submit or apply their application form for facilitation and funding assistance. The NFC and NAREDCO have partnered with financial institutions to maximize the processing and in-principal approval time to 15-30 days for an application.
Satish Kumar, chairman of the NAREDCO Finance Committee, said that the newly-formed commission would focus on financing the projects, which would fulfill the practical demands of construction by sticking to the construction cycle.
The board will help in supplying for renounce award of concession on the applicable interest rate, the processing fee, and quick approvals of the project for financing with less documentation.
Much information will spread through the dedicated portal and various nationwide NAREDCO offices. The developers or builders would be able to increase their eligibility and need to understand the criteria.
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