Maharashtra's amnesty scheme to help unlock Rs 35k cr stuck loans
Real Estate

Maharashtra's amnesty scheme to help unlock Rs 35k cr stuck loans

The Maharashtra government's amnesty scheme aimed at kick-starting stalled housing redevelopment and rehabilitation projects is likely to help financial institutions unlock funds worth Rs 35,000 crore, Maharashtra's Housing Minister Jitendra Awhad told the media.

This will also help thousands of slum dwellers and project beneficiaries, apart from presenting a relief to several leading financial institutions and funds that have given loans to slum rehabilitation projects in the nation's largest and most expensive property mark of Mumbai Metropolitan Region (MMR).

An important part of these loans is part of large institutions' portfolios, including DHFL, which has now been taken over by HDFC Capital, Piramal Group, Altico Capital, IIFL, and Yes Bank.

This amnesty scheme is likely to help thousands of slum dwellers as their projects will get finished and will also unlock financial institutions' funds worth over Rs 35,000 crore stuck in these projects, Awhad said.

Considering the slum dwellers' interest at large in such slum rehabilitation schemes and the financial institutions, entities that have recognition of the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and the National Housing Bank will be permitted to come forward for the fulfilment of projects to which they have provided financial aid.

The main problem that has led to concerns over the financing of these projects is that all the loans granted by these institutions to such slum rehabilitation projects are not identified by the Slum Rehabilitation Authority (SRA).

By participating in this amnesty scheme, financial institutions will be able to obtain the security for their loans as it will be recognised by the SRA. This will also support them to recover their dues as the projects will be revived, getting the much-needed liquidity.

The amnesty scheme declared for SRA projects will get relief for the lenders to these projects and help in the money-stuck recovery in many SRA projects. The amnesty scheme is likely to boost corporate participation and institutional finance availability because of the risk mitigation actions proposed, said Rajnish Kumar, former chairman of the State Bank of India (SBI).

Image Source

Also read: Maha govt approves amnesty scheme for stuck projects

The Maharashtra government's amnesty scheme aimed at kick-starting stalled housing redevelopment and rehabilitation projects is likely to help financial institutions unlock funds worth Rs 35,000 crore, Maharashtra's Housing Minister Jitendra Awhad told the media. This will also help thousands of slum dwellers and project beneficiaries, apart from presenting a relief to several leading financial institutions and funds that have given loans to slum rehabilitation projects in the nation's largest and most expensive property mark of Mumbai Metropolitan Region (MMR). An important part of these loans is part of large institutions' portfolios, including DHFL, which has now been taken over by HDFC Capital, Piramal Group, Altico Capital, IIFL, and Yes Bank. This amnesty scheme is likely to help thousands of slum dwellers as their projects will get finished and will also unlock financial institutions' funds worth over Rs 35,000 crore stuck in these projects, Awhad said. Considering the slum dwellers' interest at large in such slum rehabilitation schemes and the financial institutions, entities that have recognition of the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and the National Housing Bank will be permitted to come forward for the fulfilment of projects to which they have provided financial aid. The main problem that has led to concerns over the financing of these projects is that all the loans granted by these institutions to such slum rehabilitation projects are not identified by the Slum Rehabilitation Authority (SRA). By participating in this amnesty scheme, financial institutions will be able to obtain the security for their loans as it will be recognised by the SRA. This will also support them to recover their dues as the projects will be revived, getting the much-needed liquidity. The amnesty scheme declared for SRA projects will get relief for the lenders to these projects and help in the money-stuck recovery in many SRA projects. The amnesty scheme is likely to boost corporate participation and institutional finance availability because of the risk mitigation actions proposed, said Rajnish Kumar, former chairman of the State Bank of India (SBI). Image Source Also read: Maha govt approves amnesty scheme for stuck projects

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?