Banks keen to fund projects in Greater Noida West
Investors planning to buy properties in Greater Noida West (formerly known as Noida Extension) can heave a sigh of relief as the nationalised banks have lately started funding the projects in this region.
Noida extension projects were blacklisted
Following the land row in 2011, the Greater Noida West region was blacklisted by most of the banks as they feared land acquisition being quashed by the courts and financing such projects would land them in trouble. But now, the case is different. The banks which used to pull out from backing the projects are now queuing up at the builders’ offices to be empaneled for funding development works.
Banks aim to issue loans worth 5000 crore
Many banks are coming forward to fund the projects in Noida, Greater Noida and Yamuna Expressway regions currently. The public sector banks are ready to fund upto Rs 5,000 crore as home loans to buyers and other construction loans for the real estate projects in Noida Extension.
Apart from lending to new borrowers and projects, banks are even ready to lend money for those whose loans were already sanctioned but stuck at some points. For instance, Canara Bank has come forward to assist Wave Group.
What will be its impact on real estate?
This new trend of the banks has put developers and buyers at ease. Generally, the prevailing funding options and cash flow rates have a huge impact on any market sentiment. The quantity of sales and timely delivery of projects is dependent on this factor. With the entry of nationalised banks getting back to the region, the real estate market of Greater Noida West is likely to witness huge growth, opined Amit Gupta, Assocham member and MD Orris Infrastructure.
Real estate experts also expressed that the developments happening in the region is an indication that the market is going to take a positive turn. SS Bhasin, MD of Bhasin group and CREDAI (NCR) member said that as the private and public sector banks are stepping in to tie up with developers, the homebuyers are left with many options of which they can choose the best suitable financial institution.
