Government clears Rs 540 cr investments in stuck residential properties

Union
Government has cleared investments of over 540 crore rupees in some stuck
residential properties that will benefit 1,800 home buyers.

In November
last year, the government had announced a 25,000 crore rupees fund to help
complete over 1,500 stalled housing projects.

In a tweet,
Finance Ministry said, a preliminary clearance has also been given for due
diligence to 14 projects with capital commitment of 2,500 crore rupees that
will provide relief to 10 thousand home buyers. Another 40 more transactions
are under active consideration.

“Further,
preliminary clearance has been given for due diligence to 14 projects with
capital commitment of Rs.2500 Crores that will provide relief to 10,000 home
buyers and release Rs12500 Crores of invested capital,” it tweeted.

“Around
40 more deals under active consideration for investment,” the finance
ministry said.

The
ministry, however, did not disclose the name of projects as well as developers
who have received this Rs 540 crore amount from stress fund.

The special
window of Rs 25,000 crore is in form of alternative investment fund (AIF). The
Centre is infusing Rs 10,000 crore into this stress fund, while the remaining
being provided by state insurer LIC and the country”s largest lender SBI.