The Government cleared the last mile funding for 2 stuck housing projects with over Rs. 540 crore capital commitment. That will provide relief to over 1,800 troubled homebuyers based in Bengaluru and Mumbai.
SWAMIH Investment Fund I Scheme is a real saver for builders and developers. The fund provides aid to the builders who falls under the category and intends to complete the stalled projects on time.
The RBI needs to take affective steps in order to tackle the financial crisis being faced by the developers. If it continues longer, the interest of homebuyers may be compromised due to delay or non-delivery of projects.
Supertech plans to sell its assets to raise money for its real estate projects. The Real Estate Firm has various real estate projects based in Delhi and NCR
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
The government has shown grave concern regarding pendency in the real estate sector and announced a government-funded stress fund for unfinished projects.
The UP-RERA has now requested the RBI to consider restructuring the loans taken by the builders for the completion of real estate projects.
The MahaRERA in three separate orders directed the CCI Projects Ltd to pay interest on delayed period of possession after the ongoing six-month moratorium due to covid-19 crisis is over.
SBICAP Ventures has cleared applications from realty developers for stressed real estate projects investment worth over Rs 10,000 crore.
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
The government is presently mooting schemes to unburden NBFCs of stressed financial assets such as by creating a stressed asset fund to buy out the stressed financial assets.
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