The Reserve Bank of
India (RBI) has allowed Indian real estate developers / promoters / builders
and housing finance companies (HFCs) to raise funds overseas for low cost
housing projects..!.
RBI said in a notification on recently, ''Developers &housing
finance companies will be permitted to borrow $ 100 crore (1 billion) in
2012-13 under the low cost affordable housing scheme.
* The Indian Housing
sector regulator RBI said, It will review the borrowing limit every year.
* Developers /
promoters with minimum five (5) years of experience in residential projects
& those who have not defaulted in any of their financial commitments to
banks or / any other agencies will be eligible to raise funds overseas.
* The project for
which the builder / promoter is raising funds should not be involved in any
litigation.
* RBI has also made
it mandatory that the project should be in conformity with the provisions of
master plan / or development plan of the
area.
* The layout should
conform to the plot of land use stipulated by the town & country planning
department for housing projects
* All necessary
clearances from various bodies including revenue department with respect to
land usage / or environment clearance, etc are available on record.
* HFCs that are registered
with the National Housing Bank (NHB) and have a minimum capital of Rs. 50 crore
are eligible to raise funds overseas.
* Bad loans of such
firms should not exceed 2.5 per cent of the net advances & it should have
minimum net owned funds of nearly Rs. 300 crore for the past three (3) years to
borrow overseas.
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