Govt sets up fund to revive stalled housing projects

The government has decided to set up 25 thousand crore rupees fund to revive stalled housing projects. The decision was taken by the Union Cabinet at a meeting held yesterday in  New Delhi.

Briefing media after the meeting,  Finance Minister Nirmala Sitharaman said that the government will put in 10 thousand crore rupees in the Alternative Investment Fund (AIF) while State Bank of India and  Life Insurance Corporation will



provide  15 thousand crore rupees taking the total size to  25 thousand crore rupees.

It will finance over 1,600 stalled housing projects comprising about  4.58 lakh housing units across the country.

 

The fund will provide relief to developers that require funding to complete a set of unfinished projects and consequently ensure delivery of homes to the home-buyers.