The government's ₹12,500 crore Alternate Investment Fund (AIF), which offers last-mile funding to stuck housing projects, has fast tracked the disbursement of funds and the targeted task has to be completed in two years, MD and Chairman, SBI Capital Markets, Arun Mehta said, elaborating that the fund has already given its final approval for 2 projects — one each from Mumbai and Bengaluru — for disbursement. These projects comprising 1,800 houses stuck in various stages of completion will provide homes to around 9,000 people. In fact, the investments would kick-start the much-awaited investment cycle in residential realty and trigger private investor interest in housing projects. SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets and an alternative asset manager, has been entrusted by the government to manage the fund to kick-start stalled projects across the country. Over 300 real estate developers across the country have approached the fund for financial support for their projects. Of these, 200 builders have submitted preliminary information while the fund managers have sought more information from 100 of the 200 developers. Nearly 20% applications are under active consideration while around 60 projects have not met the necessary criteria for getting financial support. At least 8 applications have received preliminary approvals, 2 applications have got the final approval while 40 projects are under active consideration.
📅Published on:
14 February 2020
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