Real estate developers’ body National Real Estate Development Council (NAREDCO) will launch Fund City, a consortium of fund houses, banks, specialised funds and other financial institutions to help real estate projects in India at NAREDCO Finance Conclave to be held on March 3, 2023. Fund City’s main objective is to secure funding for all stalled, stressed and new projects without any discrimination of size, geography or stage. It will include investment bankers and consultants who will analyse and assist in the processing of the stalled or new project funding. The terms and conditions of funding will be determined by the relevant fund houses and project promoters.
“NAREDCO Fund City aims to disburse funds to a significant number of projects and promoters to bring them out of the red. The Fund City also aims to rescue a significant number of home buyers, repay and close a considerable number of loans, and close indirect liabilities. It will also encourage entrepreneurship in the real estate sector and ease of business,” said Rajan Bandelkar, president, NAREDCO.
“The launch of NAREDCO Fund City is expected to have a great impact on the Indian economy, employment market, organising the unorganised market, creating CAT A developers of all sizes, work as a financial think tank and encouraging best practices. The Fund City will also reduce the cost of funds for projects, which will impact an increase in profits or reduction of sales prices for buyers and become competitive,” said Sathish Kumar, chairman, NAREDCO Finance Committee.
Getting funds from Fund City will be a simple process, with just a single-sheet application needed to express interest from the fund houses. Within 7 days, funds will provide their expression of interest, and once promoters have completed all the necessary formalities, the full process of allocation by the chosen fund house will typically be completed within 30 working days. The list of fund houses and banks that are part of Fund CITY will be shared at the conclave.
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