New Delhi: Union Finance Minister Nirmala Sitharaman said government approved RS 25,000 Cr to finance 16,000 stalled housing projects to complete. The decision was approved at a meeting chaired by Prime Minister Narendra Modi for the projects declared bad loans or admitted for insolvency proceedings. The project will be a boost to real estate and associated sectors.
The project will be benefited for 4.58 lakh houses across the country. The project will provide RS 2 Cr to complete projects on limbo in Mumbai and 1.5 Cr for the projects in Delhi and RS 1 Cr for incomplete projects in Chennai and other metros.
With Alternate Investment Fund (AIF) providing RS 10,000 Cr, LIC and SBT afford the rest of the fund to meet the total amount of RS 25,000 Cr.