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
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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