Good News to Come Soon For Cash-Strapped Realty Firms

Some good news is about to come for cash-strapped realty firms. The finance ministry is planning to allow the developers of integrated township to use funds from overseas or external commercial borrowings (ECB) for another year. In spite of reservations by the Reserve Bank of India, the finance ministry feels enabling integrated township developers to raise ECBs would help boost infrastructure facilities. In the existing policy, utilisation of ECB proceeds for realty is not permitted. However, it was allowed as a sector-specific measure for the development of integrated townships.

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