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 fundGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.