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Funds for 80 stalled projects approved

The special fund created in November last year to provide priority debt financing for the completion of stalled housing projects has approved over 80 real estate projects with an investment of Rs 8,767 crore that will enable completion of 60,000 homes, the finance ministry said.

These projects are spread across the country, including 27 in Mumbai, 26 in National Capital Region (NCR) and 10 in Bengaluru, it said in a statement.

Among these, investments in 18 have been given final clearance, however, money is disbursed to seven projects, it said after finance minister Nirmala Sitharaman reviewed the progress of the scheme — ‘Special Window for Affordable and Mid Income Housing’ on Thursday.

The 18 projects include CCI Projects Ltd’s Revali Park in Borivali (Mumbai), Ramprastha group’s Primera in Gurugram, Naman group’s Andheri project in Mumbai, Ansal Housing’s Highland Park in Gurugram and Magnus’ Indrapuram project in NCR. The special window for funding stalled housing project was approved by the Union Cabinet on November 6, 2019.

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