Perspective on SBI CAP”s announcement on construction funding by Mr. Shishir Baijal

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Mr. Shishir Baijal, Chairman & Managing Director, Knight Frank India

KNIGHT FRANK WELCOMES MOVE BY SBI CAP TO REDUCE IRR TO 12%

“SBI Cap’s decision bringing down the SWAMIH IRR rates from 15% to 12% is a very positive move for the stressed real estate sector. This will potentially allow more development companies to approach the fund. As the real estate sector struggles due to liquidity issues, this new lease of life will help the developers in the mid and affordable housing segment to fund their ongoing projects which may have suffered due to the current lockdown. We feel that this has come at an opportune time when the lockdown is being eased out, an early deployment will allow the development companies to restart construction and complete their projects at the earliest possible. This will also provide relief to those home buyers whose homes are delayed due to lack of funds as this will help expedite the process of buyers getting their homes. We welcome this decision from SBI Cap and congratulate the government which is taking note of the anguishes of the real estate sector and providing measures to redress the same.”

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