Sep 07, 2023

Bank credit outstanding to real estate rises to record Rs 28 lakh crore in July: RBI

Bank credit to the real estate sector, encompassing housing and commercial properties, surged by almost 38% annually in July, propelling outstanding loans in the sector to a historic high of Rs 28.35 lakh crore, as per the latest data from the Reserve Bank of India, reported "The Indian Express." Notably, credit extended to commercial real estate, a thriving sector, grew by 38.1% to reach Rs 4.07 lakh crore. Despite the increase in interest rates, housing credit, including priority sector housing, rose by 37.4% to Rs 24.28 lakh crore. In addition to this impressive growth in real estate credit, Aman Sarin,CEO and Director of Anant Raj Ltd, emphasizes the significance of this trend to "The Economic Times."