Thursday, 12 December 2019
Tuesday, 3 December 2019
FAQ on Special Window Fund for financing Stalled Affordable and middle income housing projects
Dear CA friends,
Greetings from CA Shilpa Shinagare !!!
In my endeavour to keep you posted and to keep you involved in the most happening real estate sector, today, I am sharing with you FAQ released on 7th Nov.2019 by Press Information Bearow on establishment of a 'Special Window' fund approved by Union Cabinet on 6th Nov.2019 to provide priority debt financing for the completion of stalled housing projects that are in the Affordable and Middle-Income Housing sector.
For the purposes of the fund, the government shall act as the Sponsor and the total commitment to be infused by the Government would be up to INR 10,000 crore.
The fund will be set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.
For the first AIF under the Special Window, it is proposed that SBICAP Ventures Limited shall be engaged to be the Investment Manager.
This fund would in turn would provide relief to developers that require funding to complete a set of unfinished projects and consequently ensure delivery of homes to the home-buyers.
Since the real estate industry is intrinsically linked with several other industries, growth in this sector will have a positive effect in releasing stress in other major sectors of the Indian economy as well.
Background
The Hon'ble Finance Minister on September 14, 2019 had announced that a special window for affordable and middle-income housing will be created. This special window will provide last mile funding for housing projects which are stressed.
Subsequently, Inter-ministerial consultations and several stakeholder consultations were held with the housing industry including Housing Finance Companies, Banks, NBFCs, Investors, and Real Estate Developers. Problems being faced by home buyers, developers, lenders, and investors were ascertained that could be addressed through the Special Window.
Pls click on the below link to access the FAQ related to this Special Window Fund
https://drive.google.com/file/d/1BOO36otWaJF6kVVVu8un41xGNQ4rGmhc/view?usp=drivesdk
https://drive.google.com/file/d/1BOO36otWaJF6kVVVu8un41xGNQ4rGmhc/view?usp=drivesdk
Keep watching me on YouTube for my educational videos and keep following me on my blog cashilpashinagarerealcoopinfo.
My website cashilpashinagare.inwill be live soon with lot of resource material related to Cooperatives , rera and other allied laws so do visit that too once it is launched .
Keep exploring the Unexplored !!!
CA Shilpa Shinagare
President - V Indus Societies Welfare Association
Cell: 9820053395/53495
Email: ssca28@rediffmail.com
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