The Union Government’s AIF [Alternate Investment Fund] that was launched in November last year is likely to offer some relief to the homebuyers soon.
The head of the Alternate Investment Fund informed that Rs. 26,000 crores are planned to be unlocked in the next one year and this will help in offering the possession of housing units that are part of various stalled housing projects.
So far, AIF has cleared the residential projects with approximately Rs. 540 crores and this offers major relief to the nearly 1800 home buyers.
While talking to the media, Arun Mehta, MD, CAPITAL VENTURES said that on the ground of the present deal flow, AIF expects to offer respite to approximately 50,000 units that are estimated to be the home to 2,40,000 people by unlocking fund of Rs 26,000 crores in the next one year.
AIF is taking all the corrective measures to keep a track of the entire disbursal and end-use of projects. This process prohibits the misuse of a fund given to the respective developer. All the expenses for the project construction will be used directly form the builder’s account by focusing on the construction process.
Presently, there are more than 4.50 lakh stalled housing units in over 1500 residential projects across the length and breadth of the country.