Real estate distress fund takes off; 4 projects cleared to receive funding

Niranjan Hiranandani, Managing Director of Hiranandani Group and National President of market body NAREDCO on Wednesday stated that distress fund has actually gotten well over 100 applications thus far, of which four have been cleared recently. The Union Cabinet, in November last year, approved the establishment of the fund to assist designers total unfinished residential real estate jobs. The balance will be funded,” Hiranandani said and added that the fund will run in a ‘Last In First Out’ or LIFO manner.

Niranjan Hiranandani, Managing Director of Hiranandani Group and National President of market body NAREDCO on Wednesday said that distress fund has gotten well over 100 applications therefore far, of which 4 have actually been cleared just recently. The Union Cabinet, in November last year, authorized the facility of the fund to assist developers total unfinished property real estate projects. The balance will be moneyed,” Hiranandani stated and included that the fund will operate in a ‘Last In First Out’ or LIFO manner.