Outstanding loans of banks on real estate sector increased to a record Rs 28 lakh crore in July

[ad_1]

Mumbai: Bank credit to the residential and commercial real estate sector grew by 38 per cent year-on-year in July. With this, the total bank loan outstanding of the real estate sector has reached a record Rs 28 lakh crore. This information has been given in the recently released data by the Reserve Bank of India (RBI). RBI’s outstanding loan data and property consultants’ data on home sales and new projects in major cities make it clear that the real estate sector is booming.

According to RBI’s ‘Sector-wise Allocation of Bank Credit – July, 2023’ data, outstanding loans (including priority category) in the residential sector grew by 37.4 per cent year-on-year to Rs 24.28 lakh crore in July. Outstanding loans in the commercial real estate sector grew by 38.1 per cent year-on-year to Rs 4.07 lakh crore.

Commenting on the RBI data, Anarock Chairman Anuj Puri said, “The commercial office segment was reeling under the pressure of the pandemic last year as companies considered strategies around full-fledged work from office, work from home or hybrid (work from anywhere) models.” were doing However, as the situation normalized, employees returned to offices and the demand for good quality commercial offices is high this year.

Source link

The post Outstanding loans of banks on real estate sector increased to a record Rs 28 lakh crore in July appeared first on India The News.

Leave a Reply

Your email address will not be published. Required fields are marked *