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Rs 25,000 cr Special Realty Fund For Reviving Stalled Housing Projects: SBI Caps Achieves Closure For Rs 10,500 cr
Mumbai real estate ... living in a fool’s paradise
A month after the government announced a booster package for the fund-starved real estate sector, SBI Caps on December 6 announced that it has received commitments for Rs 10,530 crores.
In November, the Union Cabinet approved the ‘Special Window for Funding Stalled Affordable and Middle-Income Housing Project’ for providing last-mile funding to enable completion of construction of stalled housing projects.
The Government of India has committed a fund infusion of up to Rs 10,000 crores in the Special Window and further investments will be brought in through institutional and private investors to generate a total corpus of Rs 25,000 crore that will help complete some of the nearly 1 lakh stalled real estate units and release locked-up capital of Rs 65,000 crore.
SBICAP Ventures Limited (SVL), an alternative asset manager and a wholly owned subsidiary of SBI Capital Markets Ltd (SBICAP), is the Investment Manager for the Fund. Envisaged as an category II alternate investment fund, it was formed under the special window announced by finance minister Nirmala Sitharaman to provide last-mile funding to enable completion of construction of stalled housing projects.
With funds at the disposal, the aim of the scheme is to complete the unfinished projects as early as possible and hand over the flats to the home buyers. Importantly, those projects which have been declared as NPA or have been undergoing NCLT proceedings, will also qualify for the funding.
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