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'Around Rs 70,000 crore needed to complete stalled projects'

New Delhi: As apprehensions over the adequacy of the Rs 25,000 crore stress fund for stuck realty projects and its proper implementation hover, consultancy firm JLL India's CEO and Country Head Ramesh Nair has said that developers will require around Rs 70,000 crore to complete the stalled projects across the country.

He, however, noted that the creation of the fund is a decision in the right direction. Speaking to IANS, Nair said: "Our estimate is that it will require $8-10 billion or around Rs 70,000 crore to complete the stalled projects and ease the liquidity situation in the real estate sector."

He also said that one of the major concerns is that whether the setting up of the fund and the flow of liquidity for the eligible projects of fund would be swift enough.

The corpus size of the AIF would be scaled up to Rs 25,000 crore after the SBI and the LIC pump in funds.