Govt clears Rs 540 cr investments in stuck housing projects from Rs 25,000 cr stress fund


PTI, Feb 15, 2020, 11:15 AM IST

New Delhi: The government, which has set up a Rs 25,000-crore stress fund to revive stalled housing projects, on Friday said it has cleared investments of over Rs 540 crore in some stuck residential properties that will benefit 1,800 homebuyers.

That apart, a preliminary clearance has been given for due diligence in 14 projects, which would require a fund infusion of Rs 2,500 crore. Another 40 more transactions are under active consideration.

In November last year, the central government 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. Only RERA-registered projects with positive net worth will be provided with funds.

“Special Window clears projects with a capital commitment of more than Rs 540 crores. Disbursements started which will provide relief to 1800 home buyers and unlock Rs 3,000 crores of invested capital,” the finance ministry said in a tweet.

“Further, preliminary clearance has been given for due diligence to 14 projects with a capital commitment of Rs.2500 crores that will provide relief to 10,000 home buyers and release Rs12500 Crores of invested capital,” it tweeted.

“Around 40 more deals under active consideration for investment,” the finance ministry said.

The ministry, however, did not disclose the name of projects as well as developers who have received this Rs 540 crore amount from stress fund.

The special window of Rs 25,000 crore is in the form of an 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 the country’s largest lender SBI. The AIF is being managed by SBI Cap.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

HC directs Delhi govt to appoint ex-officio members to state mental health authority

‘Challenge after 44 years’: Supreme Court junks pleas against ‘socialist’, ‘secular’ in Preamble

Related Articles More

Sensex reclaims 80k mark; Nifty surges over 1% after BJP-led Mahayuti’s win in Maharashtra

Rapid digital expansion to create over 1 lakh new jobs in fiber tech in India in next 5 years

Choose correct ITR to report foreign assets; 2 lakh such returns filed: CBDT official

Air India Express increases flight operations from northeast destinations

Mcap of 8 of top-10 most-valued domestic firms jumps Rs 1.55 lakh cr; HDFC Bank, TCS sparkle

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Wanted to kill Ajmal Kasab who caused so much of pain, recalls 26/11 terror attack victim

Two retired revenue officials among four arrested in land grabbing case in Jammu

Kerala govt to revise manual for junior doctors, house surgeons

State can interfere with religious practices if they impede development, equality rights: SC

Four cheers at MP’s Kuno park; cheetah Neerva gives birth to cub quartet

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.