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Stressed realty projects fund: 4 of 200 applications approved, says Niranjan Hiranandani

The four approved in the first round are of Rs 25 crore each. As many as 2.5 lakh housing units expected to benefit

The Rs 25,000-crore Alternative Investment Fund (AIF) set up to provide last-mile funding for stalled real estate projects by the government has raised Rs 10,530 crore in its first round and has received 200 applications, of which four have already been approved, NAREDCO National President Niranjan Hiranandani said.

“SBI Capital has already received more than 200 applications, of which four have already been approved in the first round. These are of Rs 25 crore each and the funds should be released soon,” he said.

Hiranandani said that several financial entities are interested in investing in the fund in view of the LIFO (Last-In, First-Out) method.

The next meeting is scheduled within a week and he expects a number of stressed projects, especially those in NCR, that are 60 percent complete to benefit. “As many as 2.5 lakh apartments will benefit,” he stated.