Left Menu
Development News Edition

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

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

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 funds.

"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 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 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 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 the country''s largest lender SBI. The AIF is being managed by SBI Cap.

(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.



Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....


Latest News

Maha: Two drown in river

Two teenage boys drowned in the Kanhan river near Kamptee in Nagpur district of Maharashtra onWednesday, police said. The incident occurred in afternoon when a group ofeight teenage boys was visiting the river for a swim. Of the total four ...

No action against contractors for delay in work due to supply disruptions from China: Finmin

The government on Wednesday said contractors will not face any action if they fail to honour contractual obligation due to disruption in supplies on account of delay in shipment from novel coronavirus-hit China. An office memorandum issued ...

NIIT approves liquidation of subsidiaries NIPE, NYJL

NIIT Ltd on Wednesday said it has approved the proposal of voluntary liquidation of its wholly-owned subsidiaries NIIT Institute of Process Excellence Ltd NIPE and NIIT Yuva Jyoti Ltd NYJL. The Board of Directors of NYJL and NIPE, respectiv...

UPDATE 2-Two Iranians die after testing positive for coronavirus - official

Two Iranians have died in hospital after testing positive for the new coronavirus in the holy Shiite city of Qom, the head of the citys University of Medical Sciences told Mehr news agency on Wednesday.Two Iranians, who tested positive earl...

Give Feedback