Relief for realty: Govt sets up Rs 25k-cr fund to revive stalled projects

In other decisions, Cabinet has approved pacts signed with German agency DGUV; pact with Guinea on renewable energy; and signing revised DTAC with Brazil

In a much-awaited relief for distressed homebuyers awaiting possession of their flats, the Centre on Thursday committed up to Rs 10,000 crore for completing housing projects stuck for years.

The Union Cabinet has cleared a proposal to set up a 'Special Window' in the form of Alternative Investment Fund (AIF) to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.

The corpus size of the AIF would be scaled up to Rs 25,000 crore after SBI and LIC pump in funds. It would grow further in the coming days