SME Times News Bureau | 15 Feb, 2020
The government on Friday said it has cleared investments of
over Rs 540 crore in stalled residential properties that will benefit 1,800
homebuyers.
"Special Window clears projects with capital commitment of more than Rs
540 Crores. Disbursements started which will provide relief to 1800 home buyers
and unlock Rs 3000 Crores of invested capital," the Finance Ministry said
in a tweet.
Further, preliminary clearance has been given for due diligence to 14 projects
with capital commitment of Rs 2,500 crore that will provide relief to 10,000
home buyers and release Rs 12,500 crore of invested capital, it said, adding
that around 40 more deals under active consideration for investment.
The Central government last year announced a Rs 25,000 crore fund to help
complete over 1,500 stalled housing projects, including even those that have
been declared NPAs (non-performing assets) or admitted for insolvency
proceedings. The move is likely to help 4.58 lakh housing units across the
country with only RERA-registered projects with positive net worth will be
provided funds.
The Rs 25,000 crore fund is in form of alternative investment fund (AIF). The
Centre is infusing Rs 10,000 crore into this stress fund, while the remaining
being provided by state insurer LIC and SBI. The AIF is being managed by SBI
Caps.