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Govt to explore more financing options for stalled projects: Puri


The Government would ask other financial institutions to open up financing avenues on the lines of SWAMIH Fund to provide priority debt financing for completion of stalled housing projects, said Hardeep Singh Puri Minister of State (Independent Charge) of the Ministry of Housing and Urban Affairs.
The minister said this in his valedictory address at the third day of the virtual ‘Real Estate and Infrastructure Investors’ Summit (REIIS)-2020’. The summit was jointly organised by Naredco and Asia Pacific Real Estate Association (APREA), along with knowledge partner ANAROCK, with the theme ‘India – Opportunities in the Coming Year’.
He said his ministry will soon consider classifying the real estate sector as a different asset class to give it a further boost. “There was a proposal that the real estate needed a different asset class. Please send a note and we will push this forward,” he said.
Puri also promised that his ministry would interact with the Finance Ministry to rationalise the circle rates further and explore the possibility of enhancing the FSI limits to pump in more housing inventory in the market.
Addressing the concern of the developers in Mumbai that the pending environment clearances were delaying completion of projects in the city, the minister urged the Maharashtra Government to set up a committee in this regard to resolve the issue.
The minister also hinted that the Government would encourage other states to reduce stamp duty for boosting the housing sales. He also suggested the developers to offload inventory in real time for a fast-track growth.
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