New Delhi, Aug 25 (TIWN) The Supreme Court on Tuesday asked SBI Capital (SBI CAP) to begin funding for six housing projects of the Amrapali Group, after it informed the top court that so far, it has found only these six to be viable.

Harish Salve, senior advocate, appearing for SBICap, which manages government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, informed the court that SBICap had a detailed meeting with the court receiver and his committee, and they had agreed in principle to finance the Amrapali projects. However, as 100 percent risk is being taken by SBICap, they required 12 percent as internal rate of return.

Further, there is no additional burden on homebuyers as they will pay fixed price for their houses.

SBICap is not willing to finance Terrace Homes which is financially unviable. Therefore, in order to secure the finance by SBICap, either the government may issue security or NBCC can issue debentures to minimize the risk, he told the court.