1,100 stuck homes in 5 stressed projects completed by SBICAP Ventures
- BySheetal Sidhu | September 4, 2021
Within about a year and a few months since it was tasked with funding stressed projects across the country, SBICAP Ventures, the manager for the government’s Rs 25,000 crore stressed-asset fund, has so far completed 1,100 stuck houses in five projects across the country and is hopeful that if there are no further COVID-related delays, 10,000 homes will be completed by the end of the financial year.
“We have already completed 1100 homes in five projects across the country. We are hopeful that with no COVID-19 related delays we will be able to complete 10,000 homes by the end of this financial year. With the current approvals in place we are in a position to have a run rate of 10,000 homes completed every year for the next three to four years,” Irfan A Kazi, Chief Investment Officer at SBICAP Ventures Ltd, said.
The Fund has so far accorded final approval to as many as 87 real estate projects that will see the completion of 53,000 homes. “We have given clearance to 87 projects which will see the completion of 83,000 homes. We have a prelim clearance for 142 projects which will see the completion of another 78,000 homes. On the basis of final approvals, we are scheduled to complete 53,000 homes,” he said.
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