Rs 25,000 crore fund to revive 1,600 projects with 4.6 lakh houses

  • While announcing the move, Nirmala Sitharaman indicated there may be some relief for those who have defaulted on repayment of their home loan EMIs in the stalled projects.
  • RBI is expected to announce the details for regularisation of accounts through a clarificatory circular.

NEW DELHI: The government on Wednesday cleared a fund with an initial corpus of Rs 25,000 crore to revive up to 4.6 lakh housing units in 1,600 projects with “positive net worth”, including those that have been classified by banks as non-performing assets or are facing insolvency resolution action.

While announcing the move, which was approved by the Union Cabinet, finance minister Nirmala Sitharaman indicated there may be some relief for those who have defaulted on repayment of their home loan EMIs in the stalled projects across the country.

The Reserve Bank of India is expected to announce the details for regularisation of accounts through a clarificatory circular, providing relief to several loan defaulters who had booked houses in projects that can now be taken up for revival.

Separately, the government is expected to announce measures for Jaypee Infratech, which has been facing insolvency action for over two years now.

Source By: https://timesofindia.indiatimes.com/business/india-business/rs-25000cr-fund-to-revive-1600-projects-with-4-6-lakh-houses/articleshow/71947035.cms