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
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CA Shilpa Shinagare
President - V Indus Societies Welfare Association
Cell: 9820053395/53495
Email: ssca28@rediffmail.com
Good day, I have been referring your discourse on law of societies. your assistance is humbly requested on following issue
ReplyDeleteI am a resident of US, having flat property at Ahmedabad , occupied by my cousin since about 18 years
The said property was purchased by me in my name in society records in 1980 during said period registeration of the property was not mandatory hence I have no transfer documents while electricity and municipal tax bills exist in my nam
For the sake of convenience original share certificate were issued to my occupying cousin, hence he holds physical possession of said documents
That for scrupulous reasons my cousin is refusing to return the documents
That managing committee too has refrained from issuing me duplicate share certificate and has also refused me permission to inspect the share holder register
My letter to office of registrar on interference to get a DUPLICATE share certificate and opportunity to inspect share register has not been replied or acted upon
I have suspicion that some transfer or transmission act has been conducted in respect of my share holding and membership
PLEASE ADVICE ON COURSE OF ACTION TO OBTAIN
1. DUPLICXATE SHARE CERTIFICATE
2.INSPECT SOCIETY RECORDS
3. LEGAL ACTION AGAINST ANY ILLEGAL TRANSFER OR TRANSMISSION.
Regards