New Delhi, September 14, 2019: “The special fund set under category 2 of Alternate Investment Fund will create a ripple effect in the housing sector, especially in Tier 2 and Tier 3 cities along with the metros. The relaxation of ECB (External Commercial Borrowings) guidelines for affordable housing will also boost the sector by far.
This is a major initiative during the festive season, if the implementation is undertaken before the season ends, it is great news for buyers who want to move into their own properties. The special window to provide last mile funding for housing projects which are non-NPA and non-NCLT projects and for projects which are 60% complete will help fast track the work on unfinished projects. I really applaud FM’s decision not to include NPAs and projects under NCLT. I personally feel that Government should also look at announcing some more initiatives along with the ones announced today, for the projects stuck under NCLT and NPAs. Buyers are stuck due to these projects for ages.
My only apprehension is that the distribution of funds should be on an impartial basis and strict monitoring process should follow for these projects.”
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