Govt’s Stress Fund for Stuck Realty Projects sees Surge in Funding Proposals
The SBICAP Ventures managed last-mile fund for stressed real estate projects has received over 100 new applications from realty developers in the last one month, said two persons with direct knowledge of the development.
A significant part of these applications seeking financial support have been made during the last 15 days after the fund has lowered its return expectations to 12% from earlier 15%-17%.
The newly generated demand for liquidity can be attributed to existing lenders including non-banking finance companies (NBFCs) and Alternate Investment Funds (AIFs) offering new loans at around 18% in the current Covid19-led crisis.
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