MINISTER OF STATE (FINANCE)
(SHRI ANURAG SINGH THAKUR)
(a) to (b): As per decision dated 6th November, 2019 of the Union Cabinet, a Special Window to provide last mile funding to stressed affordable and middle-Income Housing projects has been created The Special Window comprises of professionally managed Alternative Investment Funds (AIFs) for which Government of India will be the ‘sponsor’ and one of the ‘contributor’s’. The AIFs will receive contribution from multiple stakeholders which besides Government of India, include financial institutions, sovereign wealth funds, public and private banks, global & domestic pension funds, provident funds and other institutional investors. SBICAP Ventures Limited is the Investment Manager for the first Alternative Investment Fund set up under the Special Window viz. SWAMIH Investment Fund-I with a target size of INR 12500 crore. The total amount contribution to this fund so far is INR 10,530 crore, including an amount of INR 5000 crore by Government of India. The funding under ‘Special Window’ is considered on the receipt of reference from lenders and their approval for providing senior debt to the developer. As per the study commissioned by SBICAP Ventures Limited, 2,202 housing projects in the affordable and mid-income segment comprising approximately 4.58 lakh launched units are stalled (including NPA/NCLT projects). A Statement indicating details of stalled projects in major cities is at Annexure.
(c): The broad criteria for selection of housing projects for funding through the special window are:
(i) Stalled for lack of adequate funds
(ii) Affordable and middle-income category
(iii) Net worth positive projects
(iv) RERA registered
(v) Priority for projects very close to completion.
The decision making in respect of selection of housing projects that may be funded by these AIFs is vested with the respective Investment Managers, Investment Committee and Advisory Board of the AIF.
(d) & (e): Hon’ble Supreme Court, vide order dated 20.01.2020, in Civil Appeal No. 10856/ 2016 -Bhupinder Singh Vs Unitech Ltd, has approved the appointment of Shri. Yudhvir Singh Malik, IAS (Retd.) as CMD and seven others persons as nominee directors of the Central Government in place of the existing Board of Directors and has directed them to prepare a resolution framework within a period of two months and submit the same to the Court. Currently, no project is under implementation under the aegis of Unitech Group Companies in the state of Andhra Pradesh. However, Unitech Limited was allotted “Integrated Vizag Knowledge City” Project in Visakhapatnam under Public-Private Partnership (PPP) mode in the year 2007. The project could not take off since the land was not provided by APIIC in spite of a payment of Rs. 270 Cr and the dispute on refund of claim is pending in the Andhra Pradesh High Court since 2011 for the appointment of Arbitral Tribunal. Similarly, Unitech was the successful bidder for implementation of the project “Integrated Township Project/ Multi-services Aerospace Park” over an area of 350 acres of land in Ranga Reddy District and it deposited the full amount of Rs. 165 crore in the year 2007-08 for this purpose. The State Agency failed to make the land available to the Company and refund of the said money is a subject matter of litigation in the Supreme Court at present.
(f): The claimants can approach Special Court, PMLA during trial proceedings claiming their right to the property attached under Prevention of Money Laundering Act, 2002 (PMLA). Section 8(8) of PMLA provides power to Special Court, PMLA to order to restore confiscated property or part thereof, if the Special Court found the claimant with a legitimate interest in the property.
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