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Nirmala Sitharaman's booster dose for real estate sector: Key takeaways

The decision came a day after the FM had hinted that the government was planning more reform measures for the real estate sector.

Finance Minister Nirmala Sitharaman on November 6 announced another set of measures to boost the beleaguered real estate sector and infuse confidence among hassled homebuyers.

"The move will help relieve financial stress faced by a large number of homebuyers. This will also release a large number of funds stuck in these projects for productive use in the economy," Sitharaman said at a press meet.

Here are the key points from the press meet:

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- SBI Cap will prioritise projects as per viability,

- Net worth key factor for disbursement

- SBI Cap will manage real estate AIF through an escrow account

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- Projects can be NPAs/incomplete to be eligible, but not marked for liquidation by NCLT

Also Read: Govt approves Rs 25,000 crore fund for stalled housing projects

- Projects must be net worth positive to avail funds, percentage of completion not a criteria

- RBI to soon issue clarificatory note on realty fund

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First Published on Nov 6, 2019 08:20 pm
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