Cabinet Clears Rs 25,000 Cr To Revive Real Estate Projects

In a big relief to home buyers, the Cabinet approved a fund of Rs 25,000 crore for stalled housing projects across the country on Wednesday.

Union Finance Minister Nirmala Sitharaman said that the government will provide Rs 10,000 crore to this Alternative Investment Fund. The remaining Rs 15,000 crore will be made available by the SBI and LIC.

Sitharaman also said that across the country, 1,600 housing projects with about 4.58 lakh houses are stuck. She said that projects that have been declared NPA and those going through bankruptcy will also be benefited from this Alternative Investment Fund.

Watch the full report here:

Cabinet clears Rs 25000 crore to revive #RealEstate projects. Finance Minister @nsitharaman announced that the Centre will contribute Rs 10,000 crores and the remaining Rs 15,000 crores will be contributed by LIC & SBI pic.twitter.com/YFe14KxDVw

— GoNewsIndia (@GoNews_India) November 7, 2019