Banks again on track of funding the Noida Extension

By Accommodation Times News Service

The Greater Noida Authority will be getting funds from the nationalized bank as they have started showing interest in backing buyers who want to invest in projects in the region. Previously the banks have stopped financing such projects due to fears of land acquisition being quashed by the courts.

Greater Noida Authority additional CEO, HK Verma, said, “There was time when banks were pulling out from backing the projects, but now they are queuing up at the Authority office to be empanelled for funding development works.” Verma added that public sector banks have decided to disburse around Rs 5,000crore as home loans and other construction loans for Noida Extension realty projects.

The official of bank said; apart form the nationalized banks the non-banking financial companies even the private banks have shown their interests.  Development authorities say this will help generate a good cash flow for development works. “We are more interested in Noida, Greater Noida and Yamuna Expressway regions for lending right now, be it fresh loans or stuck installments of loans already sanctioned. Even real estate pundits have called this development good. “Private and public sector banks are now keen to tie up with developers and this will give many choices to homebuyers to pick a financial institution that suits those best,” said SS Bhasin, MD of Bhasin group and CREDAI (NCR) member.

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