Launch of 'Fund City' To Address Financial Requirements Of Real Estate
The National Real Estate Development Council (NAREDCO) announced to unveil the ‘FUND CITY’ on the sidelines of the upcoming NAREDCO Finance Conclave. The Fund City is a consortium of Fund Houses, Banks, specialized funds, and other financial institutions. The Fund City will work in partnership with NAREDCO to address the financial requirements of the real estate sector in India. The main aim of the Fund City is to address the funding requirements of stalled as well as new real estate projects across all segments of real estate development in the country. The Fund City also consists of investment bankers and consultants who will analyse and assist in the processing of these stalled or new project funding. Fund City's main objective is to secure funding for all stalled, stressed and new projects without any discrimination of size, geography or stage The terms and conditions of funding will be determined by the relevant fund houses and project promoters. Our aim is to assist in completing projects without imposing any specific conditions. Most projects have a positive cash flow upon completion, although negative cash scenarios can occur in rare cases. In such situations, promoters and home buyers may negotiate an arrangement with specific escalation terms, while ensuring definite returns to the lending funds. NAREDCO Fund City provides new project financing through a specialized approach in order to support deserving real estate projects. Leveraging a network of banks and fund houses, the organization focuses on identifying projects that can create value for stakeholders such as developers, investors, and end-users. By recognizing the unique challenges faced by the real estate sector, NAREDCO Fund City offers customized solutions that cater to the specific requirements of each project, utilizing their expertise to make it happen. Developers of all sizes, across all tiers of cities, will have access to Fund City. This initiative is poised to bring about a revolution in the Indian real estate market, with significant secondary and cascading positive effects. Getting funds from Fund City will be a simple process, with just a single-sheet application needed to express interest from the fund houses. Within 7 days, funds will provide their expression of interest, and once promoters have completed all the necessary formalities, the full process of allocation by the chosen fund house will typically be completed within 30 working days. NAREDCO Fund City has a committed group of banks and fund houses, with more expected to join soon. The full group of fund houses will be shared after the conclave. This initiative is a win-win for all stakeholders, including bankers, builders, government, and most importantly, home buyers. NAREDCO Fund City aims to revitalize the real estate sector and contribute to the growth of the Indian economy.
Tags : National Real Estate Development Council FUND CITY funding houses challenges projects