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November 06, 2019 / 08:55 PM IST

Nirmala Sitharaman Press Conference Live: NPA, NCLT-referred housing projects applicable for funding, says FM

Track this space for all live updates on the press conference by Finance Minister Nirmala Sitharaman.

  • November 06, 2019 / 10:22 PM IST

    “This will be a win-win for home buyers and real estate developers, as it will help alleviate financial stress faced by homebuyers who have invested their hard-earned money, while also releasing funds stuck in such delayed/ stalled projects for productive purposes,” said Niranjan HIranandani, President (National), NAREDCO and MD, Hiranandani Group on the Cabinet announcements. “The fund will help nearly 1,600 stalled housing projects in the country, and it is positive that the aspect of NCLT/ NPA will not be a stumbling block to prevent stalled and delayed projects from approaching the fund. Positive impacts of the move include generation of employment, revival of demand for cement, iron and steel industries and relieve stress in other major sectors of the economy,” he added.

  • November 06, 2019 / 09:21 PM IST
  • November 06, 2019 / 08:43 PM IST

    "Developer pedigree, project portfolio, completion capability may be a big criteria for the disbursment of funds," said Samir Jasuja of Propequity.

  • November 06, 2019 / 08:42 PM IST

    "It may take 3-5 months for stuck realty projects to recieve funding," said Samir Jasuja of Propequity.

  • November 06, 2019 / 08:41 PM IST

     "Most of these projects are more than 50 percent complete. If funding comes at day zero, it would take anywhere between one year to one-and-a-half year to reach completion," said Samir Jasuja of Propequity.

  • November 06, 2019 / 08:38 PM IST

    "I see around 60,000 units seeing immediate benefit from this scheme", said Samir Jasuja of Propequity.

  • November 06, 2019 / 08:35 PM IST

    "The genuine projects stuck due to cash flow issues, or non-funding will be benefitted," says Satish Magar of CREDAI.

  • November 06, 2019 / 08:33 PM IST

    Industry Reaction
    Samir Jasuja Propequity - We were hoping that the non-NCLT non-NPA criteria is dropped. With these two conditions modified, I feel that more than 800 projects will see the light of day soon. The AIF will immediately benefit roughly 40,000 to 60,000 units. 

  • November 06, 2019 / 08:27 PM IST
  • November 06, 2019 / 08:17 PM IST

    FM Sitharaman: SBI Cap will manage the real estate AIF initially through an escrow account. It will prioritise the projects as per viability and the funds for any project will be deposited into the escrow of that particular project in a phased manner depending on the rate of completion of construction.