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Builders forced to take loans at high interest rates

They are resorting to this move as their proposals haven't been cleared by the BMC since October 2010

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The escalating realty prices are affecting prospective buyers. But if you think that the builders are a happier lot and raking in the moolah, then you are wrong. They are being compelled to take loans at high interest rates from private moneylenders in order to ensure that their ongoing projects are completed. In fact, according to sources, some of them are shelling out as much as 40 per cent interest per annum.

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