Cabinet Approves Special Fund For Stalled Affordable And Middle-Income Housing Projects

Finance Minister Nirmala Sitharaman on Tuesday had acknowledged that the government is yet to fully address the liquidity crunch faced by the real estate sector.

The government is working very closely with the Reserve Bank of India to tweak existing laws to help the affected people, Sitharaman said at the silver jubilee celebrations of the National Stock Exchange in Mumbai.

The finance minister emphasised that the real estate sector requires much more attention. The sector has a spillover effect on very many industries, especially the core sector, Sitharaman said, adding that addressing the issues of the sector will also benefit the core industry that supplies materials to the real estate sector.

In September, Sitharaman had announced the creation of a special fund to provide financing to the many stalled affordable and middle-income housing projects in the country.

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