Relieving news for thousands of home buyers and bankrupt developers. 4,000 flats could be delivered this year with the help of a special fund of Rs 25,000 crore prepared by the government to complete stalled housing projects.
- Last Updated:February 20, 2021 10:54 AM IS
New Delhi. Relieving news for thousands of home buyers and bankrupt developers. 4,000 flats could be delivered this year with the help of a special fund of Rs 25,000 crore prepared by the government to complete stalled housing projects. Irfan A., Chief Investment Officer of SBICAP Ventures Ltd. Qazi said that construction work will be completed on about 16 projects in the financial year starting from 1 April. More than 4,000 homes will be delivered. There itself Two projects will be completed by the end of April this year. Let me tell you that at present, housing projects worth about 6,300 million rupees, about 4.5 lakh crore rupees are stuck, in which thousands of house buyer’s earnings are also stuck.
40% of projects are stuck in NCR
a. According to Qazi, about 40% of the stalled projects are in the National Capital Region (NCR). Around 25% of the projects are of Mumbai Metropolitan Region (MMR). At the same time, around 85% of the stalled projects are in the top 7 cities of the country. Qazi said that under this fund, 159 projects have been approved for assistance, involving investment of Rs 14,500 crore. One lakh houses are to be constructed in these projects. Of these, 47 projects have received the final approval of assistance of Rs 5,000 crore.Also read- Important news for air travelers, the government will eliminate these restrictions including fares
You will also get employment opportunities ..
At the same time, the approval process for 112 projects is still in the initial stage. The construction work of these stuck projects will help the economy to grow and generate new jobs. The real estate sector has been badly affected during the epidemic. However, tremendous demand is seen in the sector from the festive season. The sector is improving due to other reasons including reduction in interest rates, relief in stamp duty.