New Delhi: The stress fund created by government for the realty sector cleared the first tranche of investment. Of the Rs 25,000 crore stress fund, or Alternative Investment Fund, the government has sanctioned investment of Rs 540 crore in some stuck residential properties.
This investment will help about 1,800 homebuyers, said the Finance Ministry but it did not specify where and which projects have benefitted.
“Special Window clears projects with capital commitment of more than Rs 540 crore. Disbursements started which will provide relief to 1800 home buyers and unlock Rs 3,000 crore of invested capital,” the Ministry said in a tweet.
The government has also given preliminary clearance for due diligence in 14 housing projects that would together entail an investment of Rs 2,500 crore.
There are another 40 transactions are under “active” consideration for help from the stress fund, the Ministry said.
Late last year, the government had announced setting up of a Rs 25,000-crore fund to help complete over 1,500 stuck housing projects. The fund is expected to help about 4.58 lakh houses in the country that are stuck at various stages of completion.