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:
- 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
- Projects can be NPAs/incomplete to be eligible, but not marked for liquidation by NCLT
- Projects must be net worth positive to avail funds, percentage of completion not a criteria- RBI to soon issue clarificatory note on realty fundAre you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.