INSUBCONTINENT EXCLUSIVE:
Real estate experts welcomed the move saying, it would solve the long-pending problem of homebuyers.In a much-awaited relief for distressed
homebuyers, the government on Wednesday approved Rs 25,000-crore special window for stalled real estate projects
Real estate experts welcomed the move saying, it would solve the long-pending problem of homebuyers
and the remaining amount will be provided jointly by State Bank of India (SBI) and Life Insurance Corporation (LIC)
The government's nod to the first AIF under the special window comes at a time when the country's real estate developers are finding it
difficult to raise funds after the default by the IL-FS group that triggered a liquidity crisis in the economy.Surendra Hiranandani,
Chairman and Managing Director, House of Hiranandani:"The government's move to create a Rs 25,000-crore fund to help complete stalled
housing projects is a welcome move which will provide relief to homebuyers as well as developers and boost housing demand
The decision will be a big relief not only for consumers whose delivery is stalled but also for the builders who were keen to raise funds to
growth by steering consumption in real estate and associated sectors and will help generate considerable employment."Kiran John, Joint
Managing Director, Terapact:"This will create a new avenue of relief and will help restore some buyer confidence
Most of the benefit will be felt in Mumbai and NCR
Overall buyer sentiment will improve knowing that the government is rolling out a concrete plan to boost the sector and a consolidated
effort has already been put into motion."Anuj Puri, Chairman - ANAROCK Property Consultants:"To be used for last-mile funding of stuck
affordable and mid segment projects, this is a critically important move which eliminates the ambiguity which surrounded the timelines for
setting up the fund, and its actual implementation
the delay was causing serious apprehensions
The delay in the on-ground deployment of the stress fund gave rise to severe apprehensions about the main issues - that of stuck and delayed
projects - that had remained unaddressed so far."Jaxay Shah, Chairman, CREDAI:"We are certain that a majority of stuck homebuyers will
Quick deployment of money and efficient decision making for qualification of projects will solve the long pending problems of
homebuyers."Siddhartha Mohanty, MD - CEO of LIC Housing Finance:"The government's move to allocate Rs 25,000 crore to stuck residential
projects is a masterstroke to address home buyers issues relating to project deliveries and stressed developers funding issues that were
stalling the completion of projects
Real estate sector which witnessed challenges in recent times will get major boost through this special window
This relief package will definitely ease the situation
Also this move will benefit lakhs of homebuyers
It's a big positive for developers and real estate sector."Get Breaking news, live coverage, and Latest News from India and around the
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