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India Real Estate Fund Has Disbursed Money To Two Stressed Projects: SBICAP Ventures
Bloomberg  |  February 21, 2020

Ashwini Priolker@ashupriolker

The government’s alternative investment fund worth Rs 25,000 crore has started disbursing money to two stressed real estate projects, according to the firm managing the corpus.

 

“These two projects are located in Mumbai and Bengaluru,” said Irfan Kazi, chief investment officer at SBICAP Ventures Ltd., the government-appointed manager for the India AIF. “With the completion of these projects, 1,800 homebuyers are going to benefit,” he said, without revealing names.

 

“There has been a deluge of deals. Eighteen deals have gone through the investment committee process,” he said at a conference organised by the Confederation of Indian Industry. “We expect to reach a stage sometime soon where we will be funding a deal every other week.”

 

According to government estimates, projects with about 4.58 lakh housing units and requiring Rs 55,000 crore were stalled. In November, the cabinet decided to set up a ‘special window’ in the form of the AIF to provide priority debt financing for completing stalled housing projects. Housing Development Finance Corp. Ltd. and State Bank of India have agreed to contribute to the fund.