As expected, the realty stocks are having a field day today morning. The BSE Realty Index is currently up 1.5% with 7 out of the 10 stocks covered in the index in the green. Indiabulls Housing Finance, Sobha, Oberoi Realty, Prestige, DLF, Godrej Properties, Phoenix are the leading gainers. On the other hand, Sunteck, Omaxe, Mahlife are the losers.
The FM yesterday announced a Rs.25,000 crore Alternate Investment Scheme (AIS) for the housing sector, mainly for 1600 stalled projects.
- AIS to provide priority debt financing for the completion of stalled housing projects in the affordable and middle-income housing sector.
- Rs.25,000 crore to come from Govt, SBI and LIC.
- AIF will be entrusted to a professional investment manager, SBICAP Ventures Ltd.
- Projects eligible for this scheme – affordable an middle-income proejcts, when referenced by existing lender, registered under RERA, projects with positive net worth and even those included in NCLT, labelled as NPA will be eligible.