Government of Kerala sanctioned 2.6 crore rupees for fishermen's housing project

The Kerala State Government has issued a revised administrative sanction to carry out the infrastructural works in the residential colony of Muttathara fishermen. This is the first major housing scheme of its kind implemented in the district for fishermen from vulnerable families to marine degradation. The total amount funded for the infrastructure required by the Kerala government was Rs 2.6 crore

Despite the fact that the housing project was almost completed by mid-2018, the infrastructure remains connected to internal roads, sewage, drainage, water connections, power connections and mixed walls. Despite this, during the progress of work, an additional 27 items had to be added, raising the project estimate to Rs 35.73 lakh. The government has now given further administrative approval of Rs 35 lakh.

In Muttathara, 24 blocks with 8 flats were constructed to shelter 192 families. All of the 540 sqft flats have got two bedrooms, a dining area, a kitchen and a bathroom with sanitary connection. The project was completed on 5.5 acres of land. The housing project at Muttathara is primarily intended to select beneficiaries from 4-coastal villages, including Valiyathura, Cheriyathura, Valiyathoppu and Cheriyathopp in Kerala. The total project estimate is Rs 20 crore.

The Fisheries Department is in discussion with the Revenue Department regarding the release of 294 cm of land at Muttathara for the construction of another apartment complex for families from Valiyathura. The Muttathara housing project was the first of its kind in the district to construct flats for fishermen's families. Following the achievement of this model, the department is forcing similar projects to re-establish fishermen's families that are vulnerable to coastal erosion.

Beemapally and Karode projects are being implemented as part of a Rs 78.2 crore project to build 7-dwelling apartments for fishermen's families in areas such as Kannur, Ponnai, Alappuzha, and Kollam.

The Kerala government recently allowed the fisheries department to allocate Rs 6.2 crore from the Planning Fund to match the Kerala Coastal Zone Development Corporation's consultancy fees, electricity charges and partially bills required for ULCCS (Uralungal Labour Contract Cooperative Society) for construction works. . Plan.

In addition, the fisheries department recently approved the inclusion of new fishermen's families in the beneficiary list after receiving complaints on the eligibility of 18 families in the list.

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Finance Minister Cabinet approves Rs 25,000 crore alternative fund for stalled housing projects

Cabinet approved Rs 25,000 crore alternative fund for stalled housing projects.

The government will invest Rs 10,000 crore in this fund, while SBI, LIC, and other sovereign funds will all generate funds of Rs 25,000 crore. Only RERA-registered projects with positive net worth will be funded. NPAs apply to fund NCLT-referenced housing projects.

Alternative Investment Funds (AIFs) can also be used by projects that have been declared non-performing assets or are facing insolvency proceedings.

Offering relief to millions of homebuyers, FM Nirmala Sitharaman announced an alternative investment fund of Rs 25 crore to help the real estate sector for stalled housing projects as it boosts the economy by kick starting incomplete housing projects.

The decision was approved by the Union Cabinet in a meeting chaired by Prime Minister Narendra Modi.

The government will invest Rs 10,000 crore in this fund, while SBI, LIC and other sovereign funds will create a fund of Rs 25,000 crore in all.

“An AIF (Alternative Investment Fund) will be created.

The government will create a fund of Rs 10,000 crore and others, such as SBI and LIC, of ​​Rs 25,000 crore each” she told a press conference after the Union Cabinet meeting.

Now she added other Quote, "This grant will be used to cater to housing units of less than Rs 2 crore in Mumbai, Rs 1.5 crore in Delhi-NCR, Chennai”. On Tuesday, FM Nirmala Sitharaman had said that the government and the Reserve Bank of India (RBI) are in the process of fixing the problems facing the real estate sector.

Now she added in her statement is 1,600 delayed housing projects with 4.58 lakh homes would benefit from the alternative funding mechanism, with the Reserve Bank of India (RBI) and its governor likely to negotiate with home buyers.

The fund size will increase as sovereign and pension funds are expected to participate in this AIF. “AIF can also be used for projects that are reported to be non-performing assets or facing insolvency action” these words spoken by her.

“The main criterion under the scheme is that the net worth of the project should be positive” she said.

The fund is not limited to projects in Delhi-NCR or Mumbai.

She said that every project in any part of the country meets the criteria if it can avail the funding.

The AIF was first announced by Sitharaman on 14 September 2019 which will act as a 'special window' for lending to over 1,600 incomplete affordable housing and medium-low income housing projects.

The plan is a revised version of the 14 September plan. The major change is allowing the AIF to finance projects that banks or lenders may have declared as non-performing assets (NPAs) or that have been transferred to NCLT for insolvency proceedings.

The fund is not limited to projects in Delhi-NCR or Mumbai. She said that every project in any part of the country meets the criteria if it can avail the funding

However, it stated that only RERA registered projects would be provided with funds along with net worth.

SBI Cap will initially maintain the fund through an escrow account. AIF funds will be released in phases and it will be preferred to the projects as per the development and funds for any project will be deposited in escrow of that particular project in a phased manner based on the percentage of completion of construction.

Now she express her statement “Adding to the realty AIF would be incomplete projects where housing units in non-metro areas are priced below Rs 1 crore and up to Rs 2 crore in Mumbai and up to Rs 1.5 crore in Delhi-NCR, Chennai, Pune, Hyderabad, Ahmedabad”.

Sitharaman said that the government is understanding the problem of homebuyers, who are obliged to pay EMI on the loan obtained to buy the house, but they are yet to get ownership and continue to pay both EMI and rent.

On Tuesday, she admitted that the problems facing the real estate sector have not been completely resolved, which is a concern as it has an impact on many sectors.

Meanwhile, the Real Estate Developers Association Confederation of Real Estate DevelopersAssociation of India (CREDAI) welcomed the move, saying it would solve the long-pending problem of homebuyers.

Real estate developers are finding it difficult to raise funds following a failure by the IL&FS group, which led to a liquidity crunch in the economy. This was mitigated by the economic downturn, which on one hand led to massive inventory piles due to lack of demand and stalled or delayed ongoing projects due to lack of funds.

What do real estate experts say on this?

"This will be a win for home buyers and real estate developers, as it will help ease the financial burden for homebuyers who have invested their hard-earned money, while producing productive goals like this There are also bailout funds stuck in delayed projects.

“The fund will help around 1,600 delayed housing projects in the country, and it is positive that the aspect of NCLT / NPA will not be a monstrous stone to stop projects delayed in reaching the fund. The positive results of the move include job creation, improving demand for cement, iron and steel industries and reducing tensions in other key sectors of the economy”.

“This is very welcome move from the first announcement (from 14 September). Now the only standards for eligibility are Net worth Positive Project. This will ensure that the fund is actually disposed to complete incomplete projects, which are also in the NPA or NCLT ”said Jaxay Shah, President of CREDAI.

Will home buyers stuck with this announcement benefit?

"We are certain that stuck home buyers will benefit from the Rs 25,000-crore stress fund decision, which is going to increase in value if needed," Shah said, adding that the quick disposal of funds and effective decision making The eligibility of projects for will solve the long-pending difficulties of home buyers.

What are the various steps taken by the government to revive the realty market? Or, for the latest announcement for Nirmala Sitharaman's immovable property.

Since August, the government has been taking several steps to strengthen market and consumer demand. Recently, the government reduced the corporate tax rate to 22%, with a loss of Rs 1.45 lakh crore.

Yesterday, on 5 November, the Finance Minister said that the government is working in a pinch to the current norms to promote the real estate sector.

In September 2019, Sitharaman announced six major steps to encourage exports, including a mega annual shopping festival like Dubai from next year, new automated return systems for the exporter and new RoDTEP scheme on export duties.

To motivate government servants to buy new homes, interest rates on house building advances would be reduced and combined with a 10-year G-Sec yield.

Which industries will benefit from this step?

The move is aimed at improving or strengthening employment opportunities as well as demand for cement, iron and steel industries. It also aims to reduce pressure in key sectors of the economy and shift to SuGanta.com which is new upcoming Real Estate website  We offer a wide array of properties such as flats, apartments, houses, villas and penthouses to name a few. You can easily find whatever you are looking for with the aid of enough number of sections and sub-categories. Even a search box is also designed where you can type the right keyword to find the property type you are searching for.