Mumbai: With over R1,300 crore at stake, both the banks and housing finance companies are now planning joint strategies to tackle the possible default crisis arising out of their real estate exposure in the Noida Extension region, after the Allahabad High Court cancelled land acquisition by the Greater Noida Authority in several villages. The banks are now planning to ask the Indian Banks’ Association (IBA), the official representative body of banks, to assess the situation and prepare a strategy before moving to the Reserve Bank of India for resolving a possible default crisis. National Housing Bank, the regulator for housing finance companies (HFCs), is also assessing the situation. “We are in the process of collecting the information on the HFCs’ exposure to the disputed region, both in terms of individual (direct retail loans) and projects. Largely, there are individual loans,” RV Verma, CMD, said.
FE
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