The government on Saturday announced a Rs 10,000 crore special
window to provide last-mile funding for completion of ongoing housing projects
which are not NPAs or facing bankruptcy proceedings under NCLT.
Announcing the measure, Finance Minister Nirmala Sitharaman said
the government will contribute Rs 10,000 crore for the special window and
roughly the same amount is expected from outside investors. This window will
help in completion of affordable and middle income housing projects. The fund
will be managed by professionals, the Minister added.
Sitharaman also said the interest rate on housing building advance
will be lowered and linked to the 10-year G-sec yields. “Government servants
contribute to a major component of demand for houses. This will encourage more
government servants to buy new houses,” she said.
External commercial borrowing (ECB) guidelines will also be
relaxed to help housing developers obtain overseas funds. ECB guidelines will
be relaxed to facilitate financing of homebuyers who are eligible under Pradhan
Mantri Awas Yojna, in consultation with the central bank.
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