Nationalized banks return to fund Noida extension real estate projects
There was time when banks were pulling out from backing the projects, but now they are queue up at the power office to be enrolled for funding development works. The public sector banks have decided to pay around Rs 5,000 crore as home loans and other construction loans for Noida Extension projects. The Greater Noida Authority is upbeat that the Greater Noida (West) region, previously Noida Extension, is slowly being removed from the blacklist of banks and they have started showing interest in backing buyers who want to invest in projects in the region. After the land row in 2011, banks had closed financing such projects due to fears of land acquisition being quashed by the courts. Nationalized and non-banking financial companies, yet private banks have shown their interest in this markets. Development authorities declare this will help create a good cash flow for development works. We are more concerned in Noida, and Yamuna Expressway and Greater Noida regions for lend right now, be it fresh loans or fixed installments of loans already approved.
Developers have now started breathing easy after this decision of the banks. Market sentiment is related with funds and cash flow plays a vital role in delivering projects on time. As nationalize banks have step in, like Canara bank is supporting, the market situation is bound to improve. Even real estate pundits have called this development excellent. Private and public sector banks are currently keen to tie up with developers and this will give many choices to homebuyers to pick a financial institution that suits them best.
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