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.)