HDFC Chairman Deepak Parekh today pushed for a one-time restructuring of stressed real estate accounts and relaxation in classification of NPA norms to 180 days from 90 days to help the sector which has been severely affected due to COVID-19 related disruptions.
While addressing representatives from the real estate sector through video conferencing, Parekh said unless the stressed accounts are restructured, financial institutions will find it difficult to provide additional liquidity to the sector.
The video conference was organised by real estate developers associations- Naredco and Credai. “Today, most of the developers are in a stressful situation and many of them are NPAs or will become NPAs.