Fin Min Nirmala Sitharaman says govt to infuse Rs 10,000 cr into cash-strapped realty sector
New Delhi/UNI: The Union Cabinet on Wednesday approved setting up of a fund to infuse funds up to Rs 10,000 crore into the realty sector, informed Union Finance Minister Nirmala Sitharaman.
Announcing this after a Union Cabinet meeting here, Finance Minister Nirmala Sitharaman said the Union Government approved setting up of a 'Special Window' to provide priority debt financing for completion of stalled housing projects in the affordable and middle-income housing sector.
The Fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers.
The move is expected to help relieve financial stress faced by large number of middle-class homebuyers who have invested their hard-earned money but found their flats stuck due to home developers being cash-strapped.
This will also release large amount of funds stuck in these projects for productive use in economy.