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<keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, in another major relief for its merchants, has now signed up with <keyword id="154226" type="CITY" weightage="20" keywordseo="Tata-Capital">Tata Capital</keyword> to provide loans from Rs 5 lakh to Rs 2 crore. As reported by business daily Economic Times, the pact, signed between Snapdeal and Tata Capital, allows its sellers and merchants to get loans. 
 
A fresh statement released by Tata Capital says, "Tata Capital has entered into a tie up with Snapdeal under Capital Assist program." 
Pradeep Bandivadekar, Tata Capital’s COO, corporate finance division has also said, "Tata Capital aims to be truly customer-centric by customizing our products and providing superior digital services to our wide range of customers. The partnership with Snapdeal is a step in this direction. We recognize that e-commerce has tremendous potential and are extremely pleased to partner with one of the largest names in the space." 
 The ET report also talks about the connected sellers of the eCommerce biggie. It says that Snapdeal has about 1, 50,000 connected sellers from around 5,000 locations across nation. "Tata Capital, the <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> arm of the <keyword id="6355725" type="CITY" weightage="20" keywordseo="Tata-Group">Tata Group</keyword>, caters to the diverse financial needs of retail and corporate consumers. Tata Capital's Supply Chain Finance is one of its key product offerings with a book size of over Rs.5000 crore," the statement added. 
 Snapdeal senior vice-president <keyword id="2869424" type="UNKNOWN" weightage="20" keywordseo="Vijay-Ajmera">Vijay Ajmera</keyword> has said, “Snapdeal's customers are served by over 150,000 online merchants. The partnership with Tata Capital for Capital Assist, Snapdeal's Seller financing program provides them easy access to capital and helps them scale their business on our platform."

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New Delhi, May 22 () Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits to customers, they said. The industry hailed the extension in the moratorium on loan repayment but felt it was not enough. "The advantages extended by the RBI through reducing the repo rates are not being passed on by the banks to the customers. The series of reduction in policy rates will help all sectors including real estate which is hit by the contraction in demand and liquidity squeeze caused by the COVID 19. " However, we are hoping for quick transmission of these actions in banks' respective lending rates," CREDAI National Chairman Jaxay Shah said. "We expected more stringent measures from the RBI to revive the economy. Real Estate sector can act as a catalyst in resurrecting the economy, backed by stringent fiscal and non-fiscal measures. The move of moratorium extension is a short term piecemeal solution to a long term problem," CREDAI President Satish Magar said in a statement. Naredco President Niranjan Hiranandani said the reduction in repo rate and extension of moratorium period were steps in the right direction. "Industry though awaits one-time debt restructuring as a holistic measure to give a breather to the industries across the board and help in its quick revival," he added. Tata Realty and Infrastructure Managing Director (MD) and Chief Executive Officer (CEO) Sanjay Dutt said this will provide some financial relief to borrowers with their equated monthly instalments (EMIs) and make it cheaper to take new loans. Sobha Vice Chairman and MD J C Sharma said: "This will further lower the home loan interest rates. Such lowest ever, most lucrative reduced EMIs will augur well for the market sentiments and the larger economy. This will induce demand for homes and will give the much-needed fillip to the current state of the economy." Puravankara Ltd MD Ashish Puravankara said: "The further reduction of the repo rate will aid in ensuring adequate flow of capital in the market. We hope that all banks will incorporate the new announcements and pass down the benefits to loan seekers." Among property consultants, Anarock Chairman Anuj Puri said the repo rate cut will further help banks to lower home loan interest rates, which may get several more fence-sitters onto the market. Anshuman Magazine, chairman and CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said: "The RBI's move to cut repo rate will have a positive effect on the residential property market. This is a clear step towards reducing lending rates, encouraging liquidity, preserving financial stability and supporting overall economic growth." JLL India Country Head Ramesh Nair said the faster transmission of these benefits to the end consumer in the form of lower home loan rates will aid in improving their effective affordability. "However, one-time restructuring of loans is the need of the hour more importantly for the real estate sector which is severely ailing due to the pandemic," he added. Dhruv Agarwala, Group CEO, Housing.com and Proptiger.com, said the move will boost sentiment and demand in the residential segment. "What needs to be seen is how quickly the banks reflect this change in their respective rates," he said. Knight Frank India CMD Shishir Baijal said it would have been a big respite if the long-standing real estate industry demand for a one - time restructuring of loans was allowed along with the measures announced on Friday. Savills India CEO said the lowering of the rates may help accelerate the decisions of a section of home buyers, in the next few months, if not immediately. "It will also help in reducing the EMI burden of customers during such grave times, provided the banks pass down the rates." Among other developers, Supertech Chairman R K Arora expressed disappointment that one time restructuring of loan was not allowed. Signature Global Chairman Pradeep Aggarwal said: "Now the situation for homebuyers might improve further as home loan interest rates are expected to come down further. Affordable housing will benefit the most as the buyers of this segment are very particular about the EMIs." ABA Corp Director Amit Modi, director said the banks need to quickly transmit the announced rate cuts to the end consumer, else the whole effort will be futile. Uddhav Poddar, MD, Bhumika Group said the industry was expecting one-time restructuring of loans while Prateek Mittal, Executive Director, Sushma Group, said the realty sector will benefit from the rate cut. Industry's demand for one-time restructuring of developers' loans should be met, said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. The banks should immediately pass on the reduction in the repo to ensure the objectives of demand creation and liquidity infusion are achieved, said Kaushal Agarwal, chairman, The Guardians Real Estate Advisory. Farshid Cooper, MD, Spenta Corporation, said the announcement of a revision in repo rates and the extension of the moratorium on term loans provide much-needed relief to the economy and the realty sector. MJH SHW SHW

Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

New Delhi, Apr 17 () The real estate industry on Friday hailed RBI's decision to boost liquidity into the system and provide relief to loans taken from NBFCs for commercial projects, but sought one-time restructuring of their loans and a stimulus package to help the sector in battling the crisis caused by the lockdown to control COVID-19.The RBI on Friday reduced the reverse repo rate - the rate at which banks park their fund with the central bank - by 25 basis points to encourage banks to lend to the productive sectors of the economy. It also announced an additional Rs 50,000 crore through targeted long-term repo operation (TLTRO) and another re-financing window of Rs 50,000 crore for institutions like Nabard, National Housing Bank and Sidbi.CREDAI Chairman Jaxay Shah said: " We welcome the RBI's decision of providing the liquidity boost to the realty sector. We are hopeful that the government will soon aid the sector with the announcement of the much needed economic package."The RBI has allowed NBFCs to extend the date for commencement for commercial operations (DCCO) in respect of loans to commercial real estate projects by an additional one year if the projects got delayed for reasons beyond the control of promoters.CREDAI President Satish Magar said, measures such as extension of DCCO, fresh LTRO and reverse repo rate cut will help uplift the economic slowdown."Loans given by NBFCs to real estate companies will get similar benefits as given by scheduled commercial banks, thus easing the financial burden on developers," he said. Naredco President Niranjan Hiranandani said: "From the perspective of regulatory norms to spur an economic revival, the measures announced aim to maintain adequate liquidity in the system, facilitate bank credit flow and ease financial stress. These are absolutely welcome, given that economic activity has come to a standstill during the lockdown."He said the announcement that loans given by NBFCs to real estate companies would get similar benefits as given by the scheduled commercial banks was positive. Anshuman Magazine, Chairman &amp; CEO - India, South East Asia, Middle East &amp; Africa said NHB has been provided with a refinance facility of Rs 10,000 crore for HFCs as additional liquidity for individual housing loans, which is a much needed boost at this time.Anarock Chairman Anuj Puri said: "Among the various measures announced, commendably its allotment of Rs 10,000 crore to NHB is a big move for the real estate sector reeling under the liquidity crisis. It will help provide capital to HFCs and eventually provide major relief to developers battling liquidity issues in COVID-19 times."Tata Realty and Infrastructure MD &amp; CEO Sanjay Dutt said the RBI's measures will provide some relief to the sector, which had already been dealing with its own set of issues prior to the pandemic. "These measures...are bound to encourage banks to lend more, thereby improving the credit flow and giving more purchasing power to homebuyers and investors," Dutt said. JLL India CEO and Country Head Ramesh Nair said, "Today's announcement will give an initial fillip to the real estate sector. The central bank's focus to provide credit flow to NBFCs is a key step. This will provide a boost to various real estate activities."As per the RBI data, NBFCs outstanding credit to the commercial real estate stood at Rs 1,29,359 crore as of September-end 2019, he said. "The relaxation of NPA classification norms and extension of one year for commencement of projects to real estate developers by NBFCs will provide the much needed relief to the sector," Nair said. Dhruv Agarwala, Group CEO, Housing.com, and PropTiger, said the RBI move will help ease some financial stress in the system. This move will hopefully nudge banks to increase lending to various sectors of the economy, which is the need of the hour."We are extremely delighted and find a great sense of reassurance with the central bank taking cognizance of specific problems faced by the real estate sector and proactively taking targeted measures to address those issues," Knight Frank India CMD Shishir Baijal said. Savills India CEO Anurag Mathur said:" The central bank's decision to pump in Rs 10,000 crore to NHB for refinancing companies is expected to address some of the liquidity concerns in the residential segment."Ashish Jain, Partner at Cyril Amarchand Mangaldas, said lack of liquidity has been one of the most critical issues facing the real estate sector, even before the pandemic. Any measure to boost liquidity is, therefore, a welcome move.Reliance Home Finance CEO Ravindra Sudhalkar said, "RBI has provided a welcome relief to NBFcs and HFCs in the form of liquidity boosters, which will benefit both housing and commercial real estate.""With relaxation offered to NBFCs to extend the realty loans by a year, the real estate sector will have greater support in these difficult times," said Ankush Kaul, President (Sales &amp; Marketing) - Ambience Group. Pradeep Aggarwal, Founder &amp; Chairman, Signature Global said the infusion of liquidity in the market is of utmost importance and the latest announcement will definitely help the economy.Gaurs group MD Manoj Gaur said the banks and the NBFCs should pass on the benefits announced by the RBI.Supertech Chairman R K Arora said "one time restructuring of loans was not allowed which is a primary requirement of the real estate sector."Sushma group ED Prateek Mittal said the RBI's move will boost liquidity but sought a stimulus package to revive the property market and the economy. MJH SHW ANUANU

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Realtors want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring

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Real estate industry hails RBI move to boost liquidity in system

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