COVID-19: Double stress fund for stalled affordable housing projects to Rs 50,000 cr, says EY
4 years, 8 months ago

COVID-19: Double stress fund for stalled affordable housing projects to Rs 50,000 cr, says EY

Firstpost  

The government has so far cleared Rs 540 crore worth projects and preliminary clearance has been given for due diligence in nearly 14 housing projects. Mumbai: With the number of ‘stressed’ real estate projects likely to increase due to the ongoing lockdown, global consultancy firm EY has recommended doubling of special stress fund to Rs 50,000 crore to provide liquidity to developers to complete stalled affordable housing projects. According to EY, doubling the funding for stalled affordable and middle-income housing projects to Rs 50,000 crore can help developers to seize the upside of the current disruption and enable speedy completion of projects. It will also require close monitoring of projects, immediate discussions with lenders on post-moratorium options and exploration of rescue/revival capital for stressed projects,” EY India Partner and National Leader-Real Estate Gaurav Karnik said.

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History of this topic

Homebuyers can approach banks for loan revival; Rs 25,000-cr fund not for projects facing litigation in higher courts: Govt
5 years, 2 months ago

Homebuyers can approach banks for loan revival; Rs 25,000-cr fund not for projects facing litigation in higher courts: Govt

Firstpost  

A day after announcing a Rs 25,000-crore stress fund for stalled housing projects, the government on Thursday advised homebuyers to approach lenders for additional borrowing or revival of their loans, while clarifying that projects facing litigation in higher courts will not be covered under the scheme New Delhi: A day after announcing a Rs 25,000-crore stress fund for stalled housing …

A Rs 25,000 cr push: Here's how govt plans to revive the real estate sector
5 years, 2 months ago

A Rs 25,000 cr push: Here's how govt plans to revive the real estate sector

Business Standard  

In a cabinet meeting, on Wednesday, Finance Minister Nirmala Sitharaman approved setting up of a Rs 25,000-crore alternative investment fund to revive around 1,600 stalled housing projects across top cities in the country. At present, the Mumbai Metropolitan Region and the National Capital Region are two of the worst-hit property markets in the country, with 95,000 and 195,000 stuck projects, …

Rs 25,000-cr fund for real estate sector: Realtors welcome govt's decision, say move will solve long-pending problem of homebuyers
5 years, 2 months ago

Rs 25,000-cr fund for real estate sector: Realtors welcome govt's decision, say move will solve long-pending problem of homebuyers

Firstpost  

Deloitte partner Rohinton Sidhwa said getting stalled real estate projects moving through government- New Delhi: Real estate developers welcomed the government’s move to create a Rs 25,000-crore fund to help complete over 1,600 stalled housing projects, saying it will solve the long-pending problem of homebuyers. Now the only criteria for eligibility is networth positive projects,” real estate developers association CREDAI …

Nirmala Sitharaman announces Rs 25,000 cr bailout fund to complete over 1,600 stalled housing projects
5 years, 2 months ago

Nirmala Sitharaman announces Rs 25,000 cr bailout fund to complete over 1,600 stalled housing projects

Firstpost  

In a major boost to the housing and real estate sector, the government on Wednesday approved setting up of a Rs 25,000 crore bailout fund to finance 1,600 stalled housing projects, the Finance Minister Nirmala Sitharaman said In a major boost to the housing and real estate sector, the government on Wednesday approved setting up of a Rs 25,000 crore …

Govt announces steps to boost housing, facilitate homebuyers
5 years, 3 months ago

Govt announces steps to boost housing, facilitate homebuyers

The Hindu  

The government on Saturday announced a ₹10,000 crore special window to provide last-mile funding for completion of ongoing housing projects, which are not NPAs or facing bankruptcy proceedings under NCLT. Announcing the measure, Finance Minister Nirmala Sitharaman said the government will contribute ₹10,000 crore for the special window and roughly the same amount is expected from outside investors. Ms. Sitharaman …

Budget 2019: Home buyers seek Rs 10,000 crore stress fund
5 years, 6 months ago

Budget 2019: Home buyers seek Rs 10,000 crore stress fund

India Today  

The Forum for People's Collective Efforts has asked Finance Minister Nirmala Sitharaman to create a stress fund of at least Rs 10,000 crore to complete stalled real estate projects within a period of five years. In a letter to the minister with Budget recommendations, the home buyers' association noted that despite the implementation of the Real Estate Act and setting …

Home buyers seek Rs 10,000-cr 'stress fund'
5 years, 6 months ago

Home buyers seek Rs 10,000-cr 'stress fund'

India TV News  

The Forum for People's Collective Efforts has asked Finance Minister Nirmala Sitharaman to create a stress fund of at least Rs 10,000 crore to complete stalled real estate projects within a period of five years. In a letter to the minister with Budget recommendations, the home buyers' association noted that despite the implementation of the Real Estate Act and setting …

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