The real estate sector, which has been struggling with weak demand and stagnant prices for years, has received another blow with the liquidity crisis at non-banking financial companies (NBFCs), one of their last funding sources. Many NBFCs have lost significant market value on growing concerns around asset-liability mismatches and tightening liquidity in the short-term money market, after a series of defaults by Infrastructure Leasing and Financial Services Ltd (IL&FS) became public last September.
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