Rs 25000 crore fund to help housing sector
Union Cabinet has approved the creation of an Alternative Investment Fund(AIF) of Rs 25000 crore to provide last mile funding for stalled affordable and middle income housing projects across the country, Finance Minister Nirmala Sitharaman announced on Wednesday.
Minister had announced the proposal to create his fund in mid September to which the Cabinet has now approved. All affordable and middle income housing projects are net worth positive and are registered with the Real Estate Regulatory Authority (RERA) have not been deemed liquidation worthy to be eligible.
Union Cabinet has approved 25000 crore with the government providing Rs 10000 crore and State Bank of India and the Life Insurance Corporation providing the balance