300 realty developers approach the Rs 125 bn AIF for financial support for projects
14 Feb 2020
2 Min Read
Editorial Team
The government鈥檚 Rs 125 billion Alternate Investment Fund (AIF), which offers last-mile funding to stuck housing projects, has disbursed funds to two housing projects. And, it reportedly expects to fully deploy its money in two years. As reported, the investments are expected to kick-start the much-awaited investment cycle in the country鈥檚 residential real estate and trigger private investor interest in housing projects. About 4.58 lakh housing units are estimated to be facing delayed deliveries across 1,509 stalled projects.聽
Alternative asset manager SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets, has been entrusted by the government to manage the fund to help kick-start stalled projects across the country.
Reports indicate that more than 300 real estate developers across the country have approached the fund for financial support for their projects. From the 300, 200 builders are known to have submitted preliminary information; and fund managers have sought further information from 100 of these 200. As reported, about 60 projects have not met the necessary criteria for getting financial support; however, about 20 per cent applications are under active consideration.
Two projects are known to have already got its final approval for disbursement by the fund. These include one project in Mumbai and one in Bengaluru. These projects, comprising 1,800 houses stuck in various stages of completion, are expected to provide homes to about 9,000 people. Besides, another eight projects are known to have received preliminary approvals, with another 40 under active consideration.
The fund achieved its first closure worth Rs 105.30 billion on December 6, 2019, within a month of the approval by the government in November. It is reported that adequate capital is available for active deployment over the one to two years, considering the first closing at a significantly large amount. Furthermore, additional capital will reportedly be raised from domestic sources as well as sovereign and multilateral international institutions.
SBICAP Ventures will reportedly be committing the first over Rs 105 billion in the next one to one-and-a-half years. It may also concurrently start raising additional funds. However, as reported, SBICAP Ventures鈥� focus will be first on deploying the funds and pushing for completion of projects.
Photo: For representational purpose
The government鈥檚 Rs 125 billion Alternate Investment Fund (AIF), which offers last-mile funding to stuck housing projects, has disbursed funds to two housing projects. And, it reportedly expects to fully deploy its money in two years. As reported, the investments are expected to kick-start the much-awaited investment cycle in the country鈥檚 residential real estate and trigger private investor interest in housing projects. About 4.58 lakh housing units are estimated to be facing delayed deliveries across 1,509 stalled projects.聽Alternative asset manager SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets, has been entrusted by the government to manage the fund to help kick-start stalled projects across the country.Reports indicate that more than 300 real estate developers across the country have approached the fund for financial support for their projects. From the 300, 200 builders are known to have submitted preliminary information; and fund managers have sought further information from 100 of these 200. As reported, about 60 projects have not met the necessary criteria for getting financial support; however, about 20 per cent applications are under active consideration.Two projects are known to have already got its final approval for disbursement by the fund. These include one project in Mumbai and one in Bengaluru. These projects, comprising 1,800 houses stuck in various stages of completion, are expected to provide homes to about 9,000 people. Besides, another eight projects are known to have received preliminary approvals, with another 40 under active consideration.The fund achieved its first closure worth Rs 105.30 billion on December 6, 2019, within a month of the approval by the government in November. It is reported that adequate capital is available for active deployment over the one to two years, considering the first closing at a significantly large amount. Furthermore, additional capital will reportedly be raised from domestic sources as well as sovereign and multilateral international institutions.SBICAP Ventures will reportedly be committing the first over Rs 105 billion in the next one to one-and-a-half years. It may also concurrently start raising additional funds. However, as reported, SBICAP Ventures鈥� focus will be first on deploying the funds and pushing for completion of projects.Photo: For representational purpose
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
