13th National Convention of NAREDCO seeks restoration of Advanced Disbursement Facility

The Second day of the 13th National Convention of NAREDCO at its Session on “Banking Reality – Long Term Partnership is the need of the Hour” has recommended to the government for restoration of advanced disbursement facility.

It has also suggested that the mindset of the people at large and even government towards real estate developers and construction industry need to undergo a sea change so that a positive perception is built for the industry and its negativity disappears from their mind.

This is essential for the growth of real estate and construction industry so that with positive mindset and a favourable image is developed for this industry that has the potential to create huge direct and indirect employment.

Speaking at the session Former Secretary Banking Department, Mr. D K Mittal in his observations favoured positive and relaxed environment of policy makers for construction and real estate industry, also emphasizing that these should also be equally responsible and accountable to their stakeholders.

Mr. Parveen Jain, President, NAREDCO demanded that the advanced disbursement facility should be restored for real estate developers to enable them generate funds for timely execution of their projects.

Group CFO, DLF Limited, Mr. Ashok Tyagi in his remarks felt that construction and real estate being the largest employment generator both direct and indirect should be given relaxed policy interventions so that suitable growth for the sector is ensured.

Among others who also spoke on the occasion airing almost similar views consisted of Chief General Manager Real Estate and Housing, SBI, Mr. Vaijanath; Group President and MD, CF Relationship Management, CF Urban Infra Banking Group, Yes Bank, Mr. Punit Malik.