Homebuyers of projects from Jaypee Infra and Amrapali group, among others, will not be able to avail of this fund.
The
finance ministry on Thursday issued clarification on alternative
investment fund (AIF), advising affected homebuyers to approach
lenders for additional borrowing or revival of their loans.
“Homebuyers
are advised to reach out to their respective lending institutions to
seek necessary guidance for additional borrowing or revival of their
existing home loans within the existing legal and regulatory
framework and standard board approved policies of the lending
institutions,” the ministry said in the note.
It
clarified that projects that are already at the high courts or at the
Supreme Court will not be considered, which means homebuyers of
projects from Jaypee Infra and Amrapali group, among others, will not
be able to avail of this fund.
The
ministry has set a cap on cost of individual unfinished projects at
Rs 400 crore for being considered for financing through the AIF.
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