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FM announces RS 25,000 crore alternative fund for stalled housing projects

On Wednesday, Finance Minister Nirmala Sitharaman announced the government will introduce a window to provide debt financing for completion of stalled housing projects in the middle-income and affordable sector.Sitharaman said 1600 stalled housing projects with 4.58 lakh homes will benefit from the scheme, adding that the RBI and its governor discussed a way to reach homebuyers.

She said an asset alternative fund will be created.

The govt will pump in Rs 10,000 core and others, such as SBI and LIC, will chip in for a total fund of Rs 25,000 crore.

She said the money would be used to complete housing units in Mumbai, Delhi-NCR, Chennai and other cities.