Supertech seeks 1,500 crore from pressure fund to finish 12 housing projects
NEW DELHI: Realty firm Supertech on Sunday said it has sought $1,500 crore from the government’s recently created stress fund to finish its 12 ongoing housing projects at Noida and Greater Noida in Uttar Pradesh.
The company said these 12 projects comprising 20,000 flats are in an advanced stage of completion and it requires last-minute funding to complete the pending works and deliver units to homebuyers.
In November, the central government announced a $25,000-crore finance to help complete over 1,500 stalled housing projects, including even the ones that have been announced NPAs or admitted for bankruptcy proceedings.
The move is likely to help 4.58 lakh housing units across the country. Just projects with positive net worth will be provided funds. Real estate developers were asked to apply to seek money from this fund.
“We’ve applied for stress fund of $1,500 crore for our 12 projects nearing completion in Noida, Greater Noida and Yamuna Expressway to complete 20,000 flats in 1-2 decades,” Supertech Ltd Chairman R K Arora told PTI.
“We are qualified for stress fund and hope to get the same,” he added. The Finance Ministry had said that the maximum funding would be $400 crore for any single project that will seek help in the’special window’ or the alternative investment fund (AIF).
SBICAP Ventures has been appointed to manage the AIF.
The Centre would infuse $10,000 crore while the remaining would be provided LIC and by SBI. Lakhs of home buyers are stuck in various housing projects throughout the country. The National Capital Region is the most affected as many builders, including Amrapali, Unitech and Jaypee Infratech, failed to give possession of flats in time. Developers are banking on this fund to help boost sluggish demand in residential property industry but also to bail out the business.