Centre announces Rs 25,000 fund for stalled real estate projects

New Delhi : Finance Minister Nirmala Sitharaman on Wednesday addressed a press conference over centre's plan to give economy a boost amid the crisis hit time.

The centre announced to provide Rs 25,000 fund for stalled real estate projects across the nation. Rs 10,000 will be infused by the government.

Sitharaman said that the government has approved the establishment of a 'Special Window' to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector.

Earlier On Tuesday, Ms Sitharaman had said that government and Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector.

The real estate sector had been facing issues after the default by the IL&FS group that triggered a liquidity crisis in the economy. A huge amount of inventory is lying in the market due to lack of demand and many ongoing projects are standing still due to lack of funds.