AIF hopes to unlock Rs 26,000 crore stuck in stalled housing projects
The government’s last-mile financing support for stalled housing projects through a Rs 12,500-crore alternative investment fund (AIF) has gathered momentum and is expected to unlock around Rs 26,000 crore of capital stuck in these projects over the next one year, said the head of the company managing the fund. The special window, announced by the finance minister in November, has so far cleared projects with a capital commitment of more than Rs 540 crore. These would provide relief to more than 1,800 homebuyers who had booked housing units in these projects that were stuck due to lack of financing support. “On the basis of the current deal flow, we expect to provide relief to around 50,000 units which will house nearly 240,000 people and unlock about Rs 26,000 crore of capital in the next one year,” Arun Mehta, the managing director of SBI Capital Markets and the chairman of SBICAP Ventures told media. SBICAP Ventures manages the AIF.
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