Real Estate backing bad loans
The value of Indian real estate posted as collateral for problem loans could be worth Rs3 trillion ($45 billion), according to a unit of India’s largest mortgage lender.
HDFC Realty has been approached to sell such property assets by three banks seeking to recover some of their soured loans, said Chief Executive Officer Vikram Goel. He declined to identify the lenders or give the value of the assets they’re seeking to unload.
“Banks are approaching us for help with disposal of the real estate collateral due to our presence across the country and also as they believe that we have proper systems and processes in place,” Goel said in an interview last week at his office. “It is a good business opportunity for consultants like us.