New Lease of Life for Stalled Amrapali Projects
Six stalled Amrapali housing projects have got a new lease of life after SBI Capital agreed to invest Rs 625 crore in them following the Supreme Court's nod to pay 12 per cent interest on the investment. SBI Capital only selected six housing projects for investment, citing viability and proposed 12 per cent interest on its investment. The apex court agreed to the proposal to make sure these projects are finished as early as possible, adding that these projects will comprise around 7,000 flats. SBI Capital will pump in money from its SWAMIH (Special Window for Competition of Construction of Affordable and Mid-Income Housing Projects) Investment Fund, which has been set up by the Centre. MORE FROM THE AUTHOR PUBG Mobile to release New Erangel map on September 8; All you need to knowNo 'Question Hour' in upcoming Monsoon Session of Parliament; Opposition slams govt move Six stalled Amrapali housing projects have got a new lease of life after SBI Capital agreed to invest Rs 625 crore in them following the Supreme Court's nod to pay 12 per cent interest on the investment. SBI Capital only selected six housing projects for investment, citing viability and proposed 12 per cent interest on its investment. The apex court agreed to the proposal to make sure these projects are finished as early as possible, The Times of India reported, adding that these projects will comprise around 7,000 flats. SBI Capital will pump in money from its SWAMIH (Special Window for Competition of Construction of Affordable and Mid-Income Housing Projects) Investment Fund, which has been set up by the Centre. Soon after, National Buildings Construction Corporation will construct these flats under the SC-appointed panel's supervision. The projects chosen for investment are Silicon City 1 and 2, Crystal Homes, Centurion Park Low Rise, O2 Valley and Tropical Garden, the daily reported. Once these houses are sold, they will fetch Rs 81 crore worth surplus money. While SBI Capital will pump in Rs 625 crore, the total construction cost of these projects is believed to be Rs 1,382 crore.
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