Govt's INR25,000cr fund to boost stalled housing projects.
Much Needed: Finance Minister Nirmala Sitharaman yesterday announced the creation of an alternative investment fund (AIF) worth NR25,000cr to help revive over 1,600 stalled middle and low-income RERA registered housing projects across top cities in the country.
Projects declared as non-performing assets and those which are undergoing insolvency at the National Company Law Tribunal (NCLT) to be considered for financing. However, those which have already got orders from NCLT for liquidation will not be considered.
The government will put in INR10,000cr in this AIF while SBI and LIC would provide INR15,000cr, taking the total size. The move is likely to bring momentous relief to homebuyers and businesses across the country. Moneycontrol
(Don't want to miss out on these End Of Day Wrap Ups? Subscribe Now to our WhatsApp Feed and get the day's Top Business stories straight on your favourite messaging app.)