Left Menu
Development News Edition

Prop Equity says funds worth Rs 90,000 cr required for stressed housing units

PTI | New Delhi | Updated: 16-09-2019 19:44 IST | Created: 16-09-2019 19:44 IST
Prop Equity says funds worth Rs 90,000 cr required for stressed housing units

PropEquity-- a realty online data, risk management and analytics platform--on Monday said around Rs 90,000 crore will be required to complete a total of 7.4 lakh stressed housing units across the country. On Saturday, Finance Minister Nirmala Sitharaman announced that the government will set up a special window to provide last-mile funding for housing projects which are non-NPAs and non-NCLT in the affordable and middle income category.

In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors. "The government has been magnanimous and sensitive in its allocation of the stress fund and in adopting this crisis which got created due to many factors that were well beyond the government’s control," PropEquity Founder and MD Samir Jasuja said.

This is definitely a positive move and the company hopes that the government will take more steps in future to help the industry tide these turbulent times, he added. Jasuja said, the current fund allocated when fully utilised will aid in completing about 1.6 lakh units, of which approximately 55 per cent are sold or absorbed. This translates to about 91,000 units bought by consumers getting relief.

Overall, PropEquity said Rs 90,000 crore fund will be required for a total of 7.4 lakh units that are stressed.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....

COVID 19 to catalyze the redefinition of urban planning and sustainability

Until now the urban planning was focused on mitigation to natural disastrous, climate change, pollution, chronic illness and lifestyle diseases. However, the global pandemic of novel coronavirus is going to change the whole narrative of urb...


Latest News

Prisoners riot in Iran, region's worst virus outbreak

Prisoners in southern Iran broke cameras and caused other damage during a riot, state media reported Monday, the latest in a series of violent prison disturbances in the country, which is battling the most severe coronavirus outbreak in the...

Automobile manufacturers have been asked to make ventilators and they are working on it: Health ministry.

Automobile manufacturers have been asked to make ventilators and they are working on it Health ministry....

ABB warns on profit after being hit by coronavirus and low oil prices

ABB on Monday became the latest company to warn about the impact of the coronavirus on its profits, with the Swiss engineering group saying all of its businesses would suffer in the first quarter. The maker of industrial robots, factory dri...

China, HK shares drop as investors take stock of global shutdowns

China and Hong Kong stocks fell on Monday as investor concerns over coronavirus-driven global shutdowns overshadowed an unexpected rate cut by the countrys central bank. At the midday break, the Shanghai Composite index was down 1.59 at 2,7...

Give Feedback