Real estate industry body NAREDCO signs MoUs for giving access to better funding

National Real Estate Development Council (NAREDCO) said it signed over 50 memoranda of understanding with various entities during its first NAREDCO finance conclave.

The industry body in the statement said these MoUs between various real estate developers and funding entities would enable India to build a USD 5-trillion developed economy. The first NAREDCO finance conclave happened on Friday.

The total estimated value committed on the MoUs is estimated at over USD 15 billion in which NAREDCO would play the key role of a facilitator.

The objectives of the understanding of the memoranda would be to mobilise the funds from national and international sources to assist the real estate industries, NAREDCO said. The other objectives of the MoUs would include the capability to get debt financing for businesses for any amount, even USD 10 billion.

The statement said other objectives will include that the second party in MoU will represent and help clients get financing done through the leading companies and the party facilitates to create Indian fund houses for the financing of smaller and medium projects in India with appropriate funding mechanisms and specific mandates.

Among two prominent entities that signed MoUs with Naredco comprised Shomik Chaudhuri inc. and the other one include Haad Investments Co. Shomik Chaudhuri Inc is a corporate that is based at Valley Stream, New York, US, and the second entity in located at Abu Dhabi, UAE.

( With inputs from ANI )