Government Approves Rs Crore Alternate Fund For Stalled Housing Projects Nirmala Sitharaman
Government Approves Rs 25,000 Crore alternate fund for stalled Housing Projects: Nirmala Sitharaman
Union finance minister Nirmala Sitharaman said that the Cabinet has approved setting up of to provide a Rs 25,000 crore bailout fund to provide debt financing for over 1,600 stalled projects in the affordable and middle-income housing sector. The 'special window' will be structured as an alternative investment fund (AIF) to provide priority debt financing for completion of stalled housing projects, the finance minister said. While, the government will infuse Rs 10,000 crore in the fund, State Bank of India (SBI) and Life Insurance Corporation (LIC) of India would provide Rs 15,000 crore, taking the total size to Rs 25,000 crore.