Modi Sarkar is looking at yet another way to resurrect the real estate sector, without which the economy cannot bounce back. Sources tell ET Now the Prime Minister’s Office and the Finance Ministry have asked the RBI to consider allowing a one-time recast of real estate developers loans, which can also be seen as a preventive measure to prevent a housing crisis and would hurt banks badly.Sources say the proposal is for banks to be empowered to take commercial decisions for a one-time recast of loans, and without classifying those loans as SMAs or Special Mention Accounts.Currently, banks are hesitant to allow a one-time recast as they would then be incumbent to classify those loans as SMAs, and that would lead to higher provisions and a deterioration of their balance sheets.It should be pointed out that the PMO is not seeking a blanket one-time roll over of all loans, but to empower banks to decide which developers and projects deserve to avail of this facility.According to Fitch, nearly $25bn needs to be repaid by builders in the first of 2020.“This is the reason why CREDAI and NAREDCO have been asking for this one-time rollover, similar to what happened in 2008 at the time of Lehmann Brothers fall. This one-time loan recast is to prevent other NPAs from happening,” said Niranjan Hiranandani , the President of the builders association NAREDCO.