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Real Estate Sector Relief may Include Solutions for Stalled Housing Projects for Stressed Home Buyers

There will be solutions on those lines , sources said without divulging if it would be Rs 10,000 crore stress fund as sought

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Real Estate, Housing, Projects
There will be solutions on those lines , sources said without divulging if it would be Rs 10,000 crore stress fund as sought. LifetimeStock

The real estate sector relief expected this week may include solutions for stalled housing projects for the stressed home buyers where projects could not be completed due to funding issues, official sources said,

There have been demand for as stress fund to deal with stalled projects and bail out lakhs of stuck homebuyers from both home buyers and builders side. There will be solutions on those lines , sources said without divulging if it would be Rs 10,000 crore stress fund as sought.

Another official said stressed fund do exist in many countries but owned by private sector adding there are several ways to provide liquidity in the lendings to the sector which is not necessarily through only a stress fund.

Stress funds are a global phenomenon and are present in nearly every mature market. But many of them are private funds.

Real Estate, Housing, Projects
The real estate sector relief expected this week may include solutions for stalled housing projects for the stressed home buyers where projects could not be completed due to funding issues. LifetimeStock

In August government announced more credit support to housing finance companies where it extended additional liquidity support to HFCs by the National Housing Bank, which has been increased from Rs 20,000 crore to Rs 30,000 crore.

In her meeting with the sector representatives, Finance Minister Nirmala SItharaman had met with the two apex realtors’ industry bodies CREDAI and NAREDCO, and the second with homebuyer associations, to discuss the issues concerning the real estate sector and steps to be taken to strengthen the industry.

The government is also likely to make changes to the definition of affordable housing as sought by developers so that more projects can come under the category. Further, bank loans for developers, which have always been an issue as banks try to avoid lending to developers, may witness some favourable changes. Developers and distressed home buyers had suggested to the government that a fund be set up for completion of stalled projects.

Further, the real estate sector also received a shock after the National Housing Bank recently asked housing finance companies to stop funding under the subvention scheme. The government is likely to ease the recent direction in favour of developers.

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Last month industry body NAREDCO had raised the need for a ‘stress fund’ before Sitharaman. If the government agrees to float such a fund, it could become the last-mile capital for large unfinished projects. Home buyers’ body — Forum For People’s Collective Efforts (FPCE) — also wanted Rs 10,000-crore ‘stress fund’ in budget to complete stalled projects. Their view is it is time now to end this problem by creating a ‘stress fund’ to the tune of at least Rs 10,000 crore to complete stuck real estate projects on pan India basis.

The real estate sector is facing multi-year slowdown in demand due to various reasons including tight liquidity situation, default by many builders and elevated level of prices.

The industry is expecting the government to address their concerns regarding liquidity crunch, demand slowdown and stalled projects. Industry bodies have said that the unrest in the sector is due to the of liquidity crunch and poor sales, and demanded that banks and NBFCs should be encouraged to fund projects. The industry fears bad situation during the coming festive season when generally demand is higher. (IANS)

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Bollywood Becomes Better With Geniuses of Hollywood Working on Bollywood Projects

Here's how Hollywood adds sheen to Bollywood biggies

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Bollywood films
After geniuses from Hollywood have started working on bollywood projects, Indian cinema has started becoming better. Lifetime Stock

BY SUGANDHA RAWAL

Did the trailers of “Panipat” and “Tanhaji: The Unsung Warrior” remind you of “Game Of Thrones”? Or the action of “War” and “Saaho” bring memories of “Mission Impossible”? Well, that’s because the canvas of Bollywood is getting glossier, with the creative geniuses of Hollywood increasingly working on Bollywood projects.

From action gurus, stunt directors, VFX experts, cinematographers, musicians, make-up experts, technicians to physical trainers, talent from the West is being roped in to deliver world-standard content in Hindi films.

The trend of roping in experts from Hollywood is not new, but something which is growing popular with filmmakers acquiring global sensibilities, and the Indian audience getting receptive towards foreign content.

With larger-than-life Hollywood movies, backed up with advanced make-up and technology techniques, high on breathtaking action sequences and on point cinematography, winning hearts in India, Indian filmmakers are updating the look of the project to match up with their foreign counterpart.

Bollywood filmmakers
Talent from the West is being roped in to deliver world-standard content in Bollywood films. Lifetime Stock

Star-driven vehicles such as Salman Khan’s “Tiger Zinda Hai”, “Race 3”, “Bharat”, Hrithik Roshan and Tiger Shroff-starrer “War”, Akshay Kumar’s “Kesari” and Rishi Kapoor’s “Kapoor & Sons” are infused with Hollywood mastery.

“Now that we are used to watching global content, from films to content on Netflix and Amazon Prime Video, people have more expectations. They want everything to look good. It makes a difference. The production value, the look and lighting has to be on par with the Hollywood standard. It works well for all as it improves the whole get up of the project,” trade expert Rajesh Thadani told IANS.

According to Thadani, historical projects such ad Sanjay Leela Bhansali’s “Padmaavat”, Ashurosh Gowariker’s “Panipat” and the Ajay Devgn-co produced “Tanhaji: The Unsung Warrior” need to be credited for driving the trend forward.

“Historical films are more into that because all the VFXs are intact,” Thadani added.

Some notables projects with foreign twist include “Kesari” with “Mad Max: Fury Road” stunt coordinator Lawrence Woodward, “Bang Bang” with “Thor” stunt coordinator Andy Armstrong, Sunny Deol’s “Ghayal Once Again” with Hollywood stunt coordinator Dan Bradley, “Krrish” franchise, Prabhas’ “Saaho” with Hollywood stuntmaster Kenny Bates, Taapsee Pannu’s “Naam Shabana” with Hollywood stuntman Cyril Raffaelli and Rishi Kapoor’s “Kapoor & Sons” with makeup artist Greg Cannom.

When not hiring talent from the West, filmmakers are looking out to the foreign world to add Hollywood appeal to the project.

“Our technicians are better trained, our facilities have become better, production values as well as budgets have gone up, and then in many cases we are hiring Hollywood talent. In this case, peer competition goes up and everyone wants to learn new techniques and what eventually happens is that everyone is updated…It benefits the film. The look, sounds, and colours get better, which audience love,” trade expert Girish Johar told IANS, adding that “it used to happen earlier too, but now it is on a wide scale and in larger quantity”.

Bollywood films
When not hiring talent from the West, Bollywood filmmakers are looking out to the foreign world to add Hollywood appeal to the project. Pixabay

Hollywood action director Paul Jennings, who has worked in movies such as “The Dark Knight” and “San Andreas” among many others, says the action spectacle in “War” is on par with films like “Mission Impossible” and “Fast and Furious”.

“What I love about Bollywood is I believe you can push the action a little bit further. You can do things which push the boundaries of believability right to the edge and it means you can end up with more spectacular sequences,” Jennings said, who designed jaw-dropping action sequences for “War”, which is his first Bollywood film.

Famous action director Tom Struthers, who has choreographed action for Christian Bale in “The Dark Night”, for Tom Hardy in “Dunkirk” and Salman in “Tiger Zinda Hai” and “Race 3”, is also impressed with the world of Bollywood.

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“I think Bollywood is in a great place right now. They are experimenting with culturally different professionals in the camera, stunts, action-directing departments,” said Struthers, whose first tryst with Bollywood was with Nikkhil Advani’s 2013 film “D-Day”.

So, it is all about keeping up with Hollywood, and the trend will only grow in the time to come. (IANS)