Tue. Jan 28th, 2020

Government: False Real Estates Project Will Not Get Funds

On Wednesday, the government announced the funding of 25 thousand crore rupees for the stuck housing project across the country. However, now the Finance Ministry has made it clear that the housing projects which have been fraudulent or have misappropriated the money of the customers, they will not get even one rupee from this fund. This decision has been taken to prevent misuse of funds by the builders.

On Wednesday, the real estate sector has felt a great relief after the announcement of Rs 25,000 crore funds by Finance Minister Nirmala Sitharaman. The Union Cabinet in the last meeting had decided that an Alternative Investment Fund (AIF) should be created for real estate so that it might provide financial assistance to the 1600 housing projects which were stalled across the country. It was also stated that projects with NPA and NCLT will also be able to take advantage of this emergency fund after due process.