Tag: Manoj Gaur

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CREDAI-NCR Stresses Deemed Approval Clause to Accelerate Real Estate Deliveries

Jun 11, 2024 by Mansi Praharaj 0 Comments #CREDAI NCR, #Manoj Gaur, #Real Estate Deliverie, #Salil Kumar

Following the mandate by UP RERA requiring promoters to obtain an OC/CC before offering possession letters to all allottees, the Confederation of Real Estate Developers Association of India NCR (CREDAI-NCR) has reiterated the critical importance of the long-standing regulation concerning the approval process for Occupation Certificates (OC) and Completion Certificates (CC) in the real estate industry. According to this regulation, if a request for an OC or CC is not responded to by the relevant authority within a stipulated time frame, the approval is automatically deemed to be granted. This allows developers to proceed with offering possession to their customers, thereby ensuring timely project delivery.

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The deemed approval clause has been instrumental in mitigating delays traditionally associated with obtaining OC/CC approvals. This regulation helps to avoid project hold-ups and alleviates financial strain on both developers and homebuyers. By ensuring a streamlined and predictable approval process, the deemed approval clause promotes efficiency and instils confidence among buyers in the reliability of developers.

Manoj Gaur, President of CREDAI-NCR, emphasized the importance of this regulation, stating, “We emphasize the importance of this regulation and remain committed to adhering to it. It is imperative for us to understand every aspect of the authority’s guidelines, and this clause, where the OC/CC is ‘deemed to be accepted’ if not responded to within the specified period, is no exception.”

In Noida’s dynamic real estate industry, the process of obtaining OC/CC approval is a significant milestone in project completion. Developers apply for these certificates upon the completion of construction and after securing the necessary clearances, including fire safety, elevator safety, electricity, and water provisions. If the authority fails to respond within the stipulated period, developers are empowered to proceed with offering possession, ensuring that projects are delivered on schedule.

Salil Kumar, Director, Sales & Marketing at CRC Group, highlighted the importance of the deemed approval clause: “The deemed approval clause for the OC/CC is vital for regulation that ensures timely project delivery. Allowing developers to proceed with the offer of possession to its customers mitigates delays, instills confidence among homebuyers, and exemplifies developers’ commitment to transparency in the realty market.”

Yash Miglani, Managing Director of Migsun Group, echoed this sentiment, stating, “This proactive approach for the deemed approval clause for OC/CC within a stipulated time plays a huge role in maintaining the momentum in project completion. This regulation alleviates unnecessary delays, enabling developers to offer possession promptly and reliably. Hence, the clause is pivotal in maintaining the project timelines and upholding buyers’ trust.”

The emphasis on the deemed approval clause by CREDAI-NCR and leading developers highlights its significance in ensuring timely project completions, promoting transparency, and enhancing buyer confidence in the real estate market. This regulation is a cornerstone in fostering a reliable and efficient real estate development process, benefitting both developers and homebuyers.

Business

The RBI has once again opted to keep the repo rate unchanged

Feb 8, 2024 by Sujata Muguda 0 Comments #Ajendra Singh, #Ambience Group, #Amit Modi, #Ankush Kaul, #Ansal Housing, #Ashwinder R. Singh, #Axiom Landbase, #Bhartiya Urban, #CMD Gaurs Group, #County Group, #CREDAI NCR, #kushagr ansal, #Manoj Gaur, #Mohit Goel, #MRG Group, #Nayan Raheja, #Omaxe Group, #Pawan Sharma, #Pradeep Aggarwal, #Raheja Developers, #Rajesh K Saraf, #Rajjath Goel, #Sanchit Bhutani, #Sanjay Sharma, #Saya Group, #Signature Global (India) Ltd, #SKA Group, #Spectrum Metro, #Trisol Red, #Vikas Bhasin

The outcomes of the Reserve Bank of India’s (RBI) meeting have been announced by Governor Shaktikanta Das, confirming that there have been no changes to the repo rate, which remains steady at 6.5 percent. As a result, there will be no increase in loan EMIs. The real estate sector has welcomed this decision favorably.

Manoj Gaur, President CREDAI NCR and CMD Gaurs Group

Excellent decision by RBI. For the last one year, RBI has kept the repo rate unchanged at 6.5%. The real estate sector continues to exhibit a steady demand, the commercial segment is doing exceptionally well, and the country’s economy is growing from strength to strength. The residential segment will maintain the trajectory it took last year. I am sure that the sector will continue to show buoyancy as in the past quarters across the country.

Amit Modi, Director County Group

Once again, RBI has not made any changes in the repo rate, which is undeniably beneficial for the real estate sector. This will particularly uplift the morale of home buyers and investors. It clearly indicates that the country’s economy is consistently performing well.

Mohit Goel, Managing Director Omaxe Group

The RBI’s decision to maintain the repo rate at 6.5% aligns with its consistent approach and is welcomed. With a robust economy, high GDP growth, buoyant Sensex, stable crude oil prices, and easing inflation, the real estate sector is poised to sustain its strong performance in 2024. RBI’s decision aligns well with the country’s economic performance and signals stability, crucial for the ongoing realty sector’s robust growth.

Ashwinder R. Singh, Co-Chairman, CII, NR Committee for Real Estate, CEO Residential at Bhartiya Urban

With policy rates unchanged @6.50% and the RBI MPC’s commitment towards stable lending rates bodes well for India’s real estate sector, particularly in terms of home sales and home loans. With steady rates, prospective homebuyers can approach the market with confidence, driving increased demand for residential properties and facilitating easier access to home financing. This positive environment fosters growth and opportunity within the housing market, benefitting both buyers and developers alike.”

Nayan Raheja, Raheja Developers

The realty sector welcomes the RBI’s decision to hold the repo rate. This move will foster stability and bolster confidence among stakeholders, including home buyers and investors. However, the repo rate at 6.5% remains at a 4-year high, and a rollback would have boosted the affordable housing segment.

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd

As expected, the RBI kept rates on hold. The prolonged pause, for the sixth time, since February 2023, is aimed at keeping inflation in check without hurting the economic growth momentum. With the reduction in policy rates would have been the best scenario for interest-sensitive sectors like the real estate sector, policy continuity is the next best outcome for both borrowers and developers alike. The decision allows homebuyers to make informed choices, which is expected to result in enhanced demand across all housing segments in line with the country’s overall economic progress.

Kushagr Ansal, Director Ansal Housing

The RBI’s decision to uphold the current repo rate is greeted with approval. While the real estate sector hoped for a slight reduction, this decision underscores stability. It is poised to enhance confidence among developers and homebuyers, providing clearer long-term financial commitments and EMIs.

Rajjath Goel, Managing Director of MRG Group, comments on

The RBI’s decision to sustain the repo rate at 6.5% for one more consecutive time, anticipating a positive surge in the housing market. Despite the rising housing costs, the unchanged home loan rates offer a semblance of relief to homebuyers. Consequently, both buyers and developers stand to benefit from stable interest rates, fostering increased consumer confidence and investment in the sector. The RBI’s decision is expected to bolster new launches and the expansion of projects in emerging hotspots.

Ankush Kaul, chief business officer – Ambience Group

“A commendable decision by RBI. It has been one year since the RBI decided to hit the pause button and keep the repo rate at 6.5%. It is expected to stimulate growth and boost the realty sector, providing a fillip to the premium housing and commercial segments. This decision presents the picture of the country’s resilient economy.

Sanchit Bhutani, MD of Group 108

This move is seen as a positive development, anticipated to stimulate growth in the real estate sector. The decision is expected to provide relief to the middle-income group, as they won’t have to bear the burden of higher interest rates on home loans. Additionally, there is a prediction that both commercial and residential property sales will experience an upswing. The Reserve Bank of India’s choice to maintain the repo rate reflects growing confidence in the sector.”

Rajesh K Saraf, Axiom Landbase, Managing Director, Axiom Landbase

The RBI’s decision to maintain the repo rate at 6.5% brings positive implications for the Indian housing and home loan sector. With interest rates remaining steady, prospective homebuyers can benefit from a favorable lending environment. This consistent stance instills confidence in the market’s reliability.

Pawan Sharma, Managing Director Trisol Red, comments that

The decision not to increase the repo rate is once again good news for the real estate sector. The fact that the repo rate has not increased in the past year has proven beneficial for the real estate sector in every aspect. This is undoubtedly excellent relief news for both home buyers and investors. Indeed, this will further benefit the market.

Sanjay Sharma, the Director of SKA Group

He emphasized that any hike in interest rates could adversely affect the real estate sector. The decision not to increase interest rates is expected to boost investor confidence and contribute to a rise in demand for residential properties.

Vikas Bhasin, Chairman & Managing Director, Saya Group

The RBI’s decision to keep the repo rate steady provides optimism to the real estate sector. This move underscores both macro and microeconomic stability, fueling year-end housing sales and bolstering the sector’s growth trajectory for 2024. It showcases the resilience of the country’s economy, poised to spur growth, particularly in premium housing and commercial segments.

Ajendra Singh, Vice-President (Sales & Marketing) Spectrum Metro

Not making changes in the repo rate signifies that the Indian Economy is strong. Compared to the Global Economy, India’s economic situation is better. The steps taken by the RBI are beneficial for the commercial and residential real estate sector in every aspect. We hope that this entire year will prove to be suitable for investors.

Business World, News

Gaurs Group offers possession of 5500 units since opening of lockdown, plans another 1500 by March 2021

Jan 5, 2021 by Rekha Nair 0 Comments #CMD, #Gaurs Group, #Manoj Gaur

New Delhi: Gaurs Group, one of the leading real estate developers of India, announced that it has offered around 5500 units since the lockdown, and plans to offer another 1500 units for possession by March 2021. The units offered for possession post lockdown included apartments, plots, shops and office spaces across their projects located in Noida.

Commenting on the commendable development despite adverse situations due to COVID-19, Manoj Gaur, CMD, Gaurs Group, said, “The real estate sector faced huge challenge of labor shortage during the lockdown, but we ensured comfortable stay of the laborers at all our sites; this helped us to start work immediately after government allowed construction activities to begin. However, we overcame all the hurdles and used all the resources to ensure timely delivery. The thing that kept us in good stead was our unwavering commitment to all our stakeholders, particularly to home buyers.”

The possession included apartments, plots, shops and office spaces in projects such as 3rd Parkview & 6th Parkview at Gaur Yamuna City (Yamuna Expressway), Gaur City Center (Greater Noida West), Gaur City Mall Office Spaces (Greater Noida West), 7th Avenue at Gaur City, Gaur Saundaryam (Greater Noida West).  Gaurs Group is currently developing projects in Noida, Greater Noida West, Ghaziabad and Yamuna Expressway. The company plans to build and deliver another 45,000 units in the next 5-7 years through existing and new project launches, both residential and commercial.

Business World

Inputs on RBI Repo Rate Announcement

Oct 10, 2020 by Gouri Achary 0 Comments #Amit Modi, #Manoj Gaur, #Pradeep Aggarwal, #RBI Repo Rate, #Uddhav Poddar

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com, The status quo on repo rate was expected as inflationary pressures made it difficult to cut rates further. Rationalising risk weightage on home loans and linking it to Loan to Value (LTV) ratio will effectively result in higher credit flow to the real estate sector, which is positive news for the sector. Also, the hike in credit limit for retail exposure by a single lending entity from Rs. 5 crores to Rs 7.5 crore is a welcome move that will immensely help both retail as well as small businesses.

Ashish Bhutani, MD & CEO, Bhutani Infra
This decision of the RBI to keep the repo rate unchanged was taken due to the signs of revival that the MPC has observed recently. However, the bank should have taken into consideration the need for liquidity. The apex bank has also talked about improving liquidity in the market, which will have a direct bearing on the real estate too. Like the RBI we too are optimistic about the economic growth. Having said that we were hoping for announcements that can specifically talk about various sectors and how banks are going to help improve the growth. However, we are upbeat as the consumer sentiment is high, especially after they witnessed the brittle nature of other investment vehicles as against real estate.

Ankit Kansal, Founder & MD, 360 Realtors
The recent decision by RBI to keep the repo & reverse repo rate unchanged underpins the accommodative policy by the government alongside reining the inflation rate. This should have an overall positive impact on the recovering Indian Real Estate industry as an accommodative stance should plug-in the liquidity crunch in the market. Likewise, managing inflation will control the cost. At the same time, the RBI has announced a sharp GDP decline of 9.5% for FY 21, which is in line with what has been predicted by most of the major international & domestic rating agencies. Now all eyes would be on how the government plans to combat the economic slowdown and boost demand. A host of steps in the form of capital injection, refinancing of banking institutions, policy impetus, subsidies, and discounts are required to see a faster recovery.

Uddhav Poddar, MD, Bhumika Group & Founding Member, SCAI
“The real estate sector is badly affected due to the pandemic, and it needs support from the banks. One of the biggest issue with some of the realtors is the liquidity issue, and we hope RBI will address it as it has announced to take steps to ease liquidity. One of the announcements that is beneficial for the sector is that the new housing loans to be linked to LTV only. We hope that the buyers will take advantage of the situation and realize their dream of owning a home.”

Amit Modi, Director, ABA Corp & President (Elect) CREDAI Western UP
Even though the apex bank has kept the rates unchanged, but we still believe that there is room for financial institutions to cut down on their lending rates for their customers. During the lockdown, the RBI reduced the repo rate which failed to bring cheer to the market, however now the stagnant rates today might have helped smooth the economy to some extent and the benefits of which are yet to be fully passed on to the customers.

Manoj Gaur, MD, Gaurs Group and Chairman, Affordable Housing Committee, CREDAI (National)
With inflation remaining above the targeted level, the status quo on the policy was expected. But it is indeed heartening to note that despite not much room available for lowering of rates, the apex has yet ensured some relief for the real estate sector. The lower of risk weightage on home loans and linking it to LTV only will ensure more credit to customers and thereby to the sector. Also, by announcing that accommodative policy stance, RBI has indicated that interest rate is unlikely to harden anytime soon, which again augurs well for the sector”.

Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development
“It was an expected move by the RBI to keep the repo rate unchanged, and it is commendable that it is doing its part to ensure that the economy stays on the right path. Loan on LTV will be helpful for the real estate sector, and it will help them get more loan amount.”

Abhishek Bansal, Executive Director, Pacific Group
It was an expected move, as we all understand that the repo rate is already low. The real estate market has started picking up as people are enjoying the low-interest rates and subdued pricing. The sector is also enjoying the fruits of the changed mindset of people towards owning a real estate asset, be it for living or earning extra income. The safety of real estate investment that came to the fore will gain steam during the festival season as fence-sitters too will come out in great numbers.

Deepak Kapoor, Director, Gulshan
RBI Governor Shaktikanta Das announced that the repo rate would remain unchanged at 4 per cent and reverse repo rate at 3.35 per cent. The apex bank has also announced that it is ready to take steps that will infuse liquidity to improve financial conditions. The market will eagerly wait for these steps as improvement in economic conditions of other industries will have a direct bearing on the real estate sector. The realty sector is already reaping rewards of the multiple steps taken by the government and low home loan interest rates extended by banks. RBI should have made some announcement to improve liquidity in the real estate sector, as many developers are facing the heat after COVID-19 led to a complete shutdown of operations. The optimism of RBI regarding economic growth is welcome, and we hope that the government pays attention to the requirements of the sector, which is the largest employer in the country.”

Achal Raina, COO, Raheja Developers
The extension of lending limit for retail exposure from Rs 5 crore to Rs 7.5 crore along with the reduction of risk weightage on home loans and linking it with LTV ratio augurs well for the real estate sector.

Yash Miglani, MD, Migsun Group
The real estate sector is enjoying the fruits of high consumer confidence for the past few months, and it will attain newer heights in this festive season. We were expecting the repo rate to remain unchanged, and the decision of the RBI it will have no impact on the sector in the current scenario. In the latest announcement, the provision of housing loan to be linked with LTV is going to help the buyers, and hence the sector will see more sales.

Harvinder Singh Singh Sikka, MD, Sikka Group
We understand the reasons for keeping the repo rate unchanged. However, one favourable measure for the real estate is that the new housing loans will be linked on to loan to value (LTV). It will help the buyers get loans easily and realize their dream of buying a home. The buyers are already coming back to the sector and the coming festival season would be a lot better than the previous years.

Rajat Goel, JMD MRG World
RBI has kept the repo rate unchanged at 4% and reverse repo rate at 3.35%, during its recent announcement with the prediction of GDP decline about 9.5% for FY 21, which is on similar lines with the prediction from rating agencies. Affordable housing segment has seen a good number of enquiries from end-users amid the uncertain market conditions which is a sign of positivity. Apart from this, RBI’s decision to take steps for infusing liquidity remain awaited, which will prominently affect the overall sentiment of the real estate sector.

Amit Jain, Managing Director, Mahagun Group
The announcement was on the expected lines; the good thing is that the RBI looked optimistic about the economic growth, which is a good sign. Real estate sector has already started witnessing positive growth and is speedily recovering from the loss of lockdown. The momentum is picking up pace in this festival season as buyers are enjoying low home loan interest rates.

Vikas Bhasin, CMD, Saya Homes
We are optimistic that the measures announced by the RBI will help revive economic growth. Multiple announcements were made that will help other industries to go on a growth trajectory; this will have an indirect impact on real estate growth too as the sector is susceptible to economic changes. However, after the Unlock, the real estate is on a high note as people swarmed real estate sites to get hold of a property.

Raman Gupta, Director- Branding & Construction, GBP Group
In today’s announcement, the apex bank has maintained the status quo by keeping the repo rate and reverse repo rate unchanged. It was an expected move to keep the economy on its path to revival after being hit by Covid-19. Over past few months, people have realized the importance of owning a home and at this time when people are adjusting to the new normal, they have been seen exploring the stable investment options and real estate is topping the chart. The low-interest rates and onset of the festive season is certain is bring cheers to the real estate sector. Apart from keeping the repo rate at as low as 4 pc, RBI has also announced that it is ready to take steps that will infuse liquidity to improve financial conditions and we are looking forward to its positive impact on the recovering Indian Real Estate sector.

Kushagr Ansal, Director, Ansal Housing & President, CREDAI Haryana
The decision of the RBI to keep the new housing loans only to loan to value will encourage more buyers to come forward. The real estate market was looking good after the Unlock, and this particular step will make more fence-sitters to decide on buying a home. Apart from that, the good sign is that the apex bank is optimistic about economic growth. The measures that the RBI took in the last few months are showing a positive impact, and we hope that the latest decisions will help the economy recover faster.

Business World

Inputs on RBI Monetary Policy Review- Real Estate Industry Experts

Aug 6, 2020 by Gouri Achary 0 Comments #Affordable Housing Committee, #CREDAI (National), #Gaurs Group and Chairman, #Manoj Gaur, #MD, #RBI Monetary Policy Review Meeting - Real Estate Sector

Manoj Gaur, MD, Gaurs Group and Chairman, Affordable Housing Committee, CREDAI (National)
“Real estate sector needs hand-holding at this point in time. Though unchanged repo rate is understandable the need to have special measures in place cannot be denied. The buyers are coming back to the sector after realizing the importance of real estate asset-backed by historically low EMIs, the developers too need some interventions that can help them expedite the process of development”.

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com
“As the economy is still to recover to pre-COVID levels and the risk to aggregate demand in the near future remains high, it is important that the transmission of past rate cuts are more effectively passed on to consumers as well as industry. However, It is indeed heartening to hear that the average lending rates have fallen by close to 90 bps since March 2020. Additionally, the liquidity in the banking system seems to be at comfortable levels. Nevertheless, the RBI’s decision to provide additional liquidity to the tune of Rs 5,000 crore to NHB augers well for the stability of HFCs that will provide some growth impetus to the real estate sector in turn.”

Uddhav Poddar, MD, Bhumika Group
“The main issue is that banks have not taken adequate steps to reduce the rates or to ease the liquidity. All the good steps taken by RBI earlier will not bear fruit if the banks don’t take necessary action at their level. Real Estate is badly affected due to the pandemic and we need support from the banks by providing adequate liquidity to the sector and providing cheap home loans to the customers, to make sure the segment can flourish again. We have to understand that real estate is an integral part of economic growth as it is the largest employment generator”.

Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development
“It was an expected move by the RBI to keep the repo rate unchanged and it is commendable that it is doing its part to ensure that the economy stays on the right path. However, the banks have not yet passed on the benefits to the consumers, which are not benefitting the real estate sector that in turn is affecting the allied industries too. RBI should take action so that banks should extend loans to the real estate sector. Liquidity crisis has to be tackled soon as the situation after Corona is dismal; this cannot happen until and unless banks take a firm decision to back the sector that has many allied industries attached to it”.

Amit Modi, President (Elect) CREDAI Western UP and Director ABA CORP
Market experts predicted a repo rate cut by 25bps in today’s announcement by RBI, but fortunately, the longing demand from the real estate sector of loan restructuring was declared. With the consumer confidence low due to the ongoing pandemic situation, and real estate sector going through a period of strife, we appreciate the government’ efforts and a keen eye to look into initiatives that will help us in generating more demand in the real estate market as well as helping millions of first-time homebuyers to realize their dream. Loan restructuring will strengthen the real estate outlook for developers in the coming years and pave way for consistent growth.

Ashish Bhutani, MD, Bhutani Group
“RBI Monetary Policy Committee has kept the repo rates unchanged, even when market experts cited the conditions being favourable for it. This decision was taken due to the signs of revival, that the MPC has observed with unlock. However, the continuous surge in cases is constantly hampering the stability that commercial real estate needs for planning the expansion, mapping the already allocated funds, driving international investments, and dispersing some amount of capital to construction and permissions required. We are hoping apex financial institutions assess the realty market closely to deliver, if not repo rate cuts then some other kind of relaxation to improve sentiments of associated stakeholders”.

Dhiraj Jain, Director, Mahagun Group
India is going through one of the biggest economic crises because of the global pandemic situation, and real estate is also facing the pinch like other sectors. A sector that contributes handsomely to the GDP needs handholding and the developers are voicing their concerns in a bid to make the government pay heed to their demands. One of the demands is of loan restructuring will help tackle the liquidity crunch that real estate has been struggling with for quite some time now. Developers are not getting fresh loans or even the top-ups which are hurting the construction activities. Loan restructuring has been done for the MSMEs and we were expecting that the Apex bank would consider it for real estate too. Liquidity is a big concern and a halt in activities during the lockdown affected the cash flow. The government has to consider it in order to ensure the smooth functioning of infrastructural development.

Mohit Goel, CEO, Omaxe Ltd.
With a sharp reduction in policy rates announced since March, a pause was always on the cards. But we expected the apex bank to announce some measures like the restructuring of loans, which could have reduced the stress on the sector and given a boost to demand. However, the decision to constitute an Expert Committee under imminent banker KV Kamath to recommend financial parameters, along with the sector-specific benchmark for resolution plans is a welcome step. The infusion of Rs 5000 crore in NHB is also a step in the right direction to boost liquidity.

Vikas Bhasin, CMD, Saya Homes
The government and apex bank are making efforts like never before to overcome the damage done to the economy due to Covid-19. Repo rates are already at historic low and are benefitting the buyers. However, real estate is passing through a challenging phase and we would request the apex bank to consider one-time loan restructuring that has been a long-standing demand is warranted at the earliest.

Harvinder Singh Sikka, MD, Sikka Group
Real estate has been going through a challenging phase. Last financial year too, the situation was not good for the first 9 months and it got worse with the onslaught of a global pandemic. It has become difficult for many developers to manage cash flow to meet the requirements of construction, salaries, vendor payment, and then at the same time they have the loan obligations. The overall sentiment needs a boost and with one-time loan restructuring, the confidence of the buyer will be back.

Raman Gupta, Director- Branding & Construction- GBP Group
In today’s announcement, the apex bank has kept the repo rate unchanged to 4% which was an expected move to keep the economy of the country afloat amidst the pandemic. Being one of the major contributors to the economy of the country, the benefits provided to the sector will have a positive impact on the overall growth of the nation. With the schemes like CLSS & PMAY along with the low repo rates, the customers are moving back towards the real estate sector. Along with providing one-time loan restructuring to MSMEs, we expect the apex bank to announce the same for real estate sector as well.

Ashok Gupta, CMD, Ajnara India Ltd.
We understand the status quo on repo rates but not a single word was said about one-time loan restructuring for the real estate sector. Such demand or need for restructuring is not happening for the first time. In 2008, RBI asked banks to restructure and around Rs, 40,000 crore of debt was restructured across all sectors, which included real estate too. It proved beneficial for real estate as the infusion of funds helped the developers in completing the projects at hand and win the confidence of the buyers leading to the revival of the sector. Real estate needs last-mile funding and outstanding loans are acting as roadblocks; one-time loan restructuring will make the banks consider the credit requirements of developers, which in turn will help the developers in completing the stalled/delayed projects. The situation in 2008 arose because of the Lehman Brothers crisis and at that time loan restructuring helped revive the sector which saw a capital appreciation in properties in 2010 after a lull period of around two years. At present we have a similar situation at hand and thus the sector needs help from the government.

Business World

Gaurs group symbolically participated in Bhumipujan of Ram temple

Aug 5, 2020 by Gouri Achary 0 Comments #construction of a mammoth and historic Ram Temple at Ayodhya., #Director, #Group will present the 11 kg Silver brick to the Ram Janmbhoomi Trust, #Manoj Gaur, #MD of Gaurs Group and Manju Gaur, #the Gaurs Group

Greater Noida West, August 05, 2020: Commensurating with the historic Bhoomi Poojan of Ram Temple in Ayodhya, realty major the Gaurs Group today organised a special pooja at Radhe Krishna Temple in Gaur City, Greater Noida West. On this occasion, a silver brick weighing 11 kg was worshipped at Ram Darbar, which is a part of Radhe Krishna Temple.

The Group will present the 11 kg Silver brick to the Ram Janmbhoomi Trust towards the construction of a mammoth and historic Ram Temple at Ayodhya.

Manoj Gaur, MD of Gaurs Group and Manju Gaur, Director, was present on the occasion.

All the employees of the Gaurs Group and several residents of the township were also involved in worshipping this silver brick and taking blessings. During the puja, Shri Ram was worshipped along with the recitation of Hanuman Chalisa. Aarti was also performed and Prasad was distributed to all present on the occasion.

Significantly, Ayodhya, which is the birthplace of Lord Rama, is in news as historic Bhoomi Pujan for the construction of Ram temple took place.

Due to the epidemic of coronavirus, only selected few were invited to the Bhoomipujan ceremony. Prime Minister Hon’ble Shri Narendra Modi was the Chief Guest of the historic occasion and he laid the foundation of the Temple, which is expected to be completed in 3-3.5 years.

Manju Gaur, director of Gaurs Group, said, “The real Diwali for all of us is today. We are celebrating this holy day with joy from our homes and offices. We have done puja of this silver brick at all our temples that we have built. We will soon dedicate this small gift to Ayodhya Ram Temple and soon visit the site of the grand temple.”