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Banks to meet real estate sector’s companies within a fortnight: Piyush Goyal
Feb-15-2019

In order to resolve the funding crunch faced by the real estate sector, Finance Minister Piyush Goyal has asked banks to hold a meeting with real estate players within the next fortnight and come out with innovative ways. He said that banks should take some initiatives to assess projects and fast track genuine ones.  He further stated that within the next 7-15 days the Indian Banks’ Association (IBA) has a meeting with the real estate players to help increase funding to the sector.

Moreover, the minister said the government had announced a number of measures in the interim Budget to push growth in real estate sector. The sector has been facing funding issues post the default on debt papers by Infrastructure Leasing & Financial Services (IL&FS), which choked lending for the sector as a whole.

Besides, he indicated a relief to the estate sector in the upcoming goods and services tax (GST) council meeting. He added that government is reviewing the GST structure for the sector.  GST Council is likely to meet next on February 20.

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