New Delhi: The long term rating of Indiabulls Real Estate Ltd has been revised by Infomerics Valuation and Rating Pvt Ltd to ‘IVR A+’ with ‘Developing implication’ I view of the problems faced by the real estate industry due to corona virus pandemic.
The short-term rating of the company has been reaffirmed at ‘IVR A1+’, the company said in a regulatory filing.
There are acute challenges plaguing the real estate industry in the country because of the corona virus led lockdown. There construction activity had to be halted after the government imposed strict lockdown measures thought the country in March 2020.
There are reports of very slow sales in properties since the lockdown has been imposed. This has led to rating agencies downgrading the ratings of real estate firms.
Recently, Sunteck Realty’s rating for long term bank facilities were revised from ‘Stable’ to ‘Negative” by CARE rating Ltd (CARE).
The company’s long term bank facilities (term loan) of Rs 516 crore was rated as ‘CARE AA-, Negative’. Its long term bank facilities (fund based) of Rs 533 crore was rated as ‘CARE AA-, Negative’.