Noida Authority To Allow Mortgage Permission, To Builders For Centre's Stress Fund

Mortgage permission will be granted to real estate developers in Noida in a bid to help them access the Centre's stress funds to complete their projects, the local authority here said. The decision to grant mortgage permission and reschedule dues was taken during the 204th Board Meeting of the Noida Authority on Monday.

In November 2019, the centre had announced a Rs 25,000-crore fund -- Special Window for Affordable & Mid-Income Housing (SWAMIH) -- to help complete over 1,500 stalled housing projects comprising 4.58 lakh housing units across the country. SBICAP Ventures, a wholly-owned subsidiary of the State Bank of India, is the investment manager of the fund. So far, at least three housing projects under the Noida Authority's jurisdiction have received the SWAMIH fund, according to officials.

"SWAMIH fund has been formed by the central government to rescue the group housing sector from the financial crisis," the Noida Authority said in a statement. It further noted that "on receipt of proposal from SBI CAP under SWAMIH fund by Noida Authority, mortgage permission will be granted in favour of SBI CAP to the builder concerned." "The builders' projects in which the time of final payment has expired, the facility for re-scheduling of overdues will also be allowed by the authority," it said.

(PTI)