EBM News
EBM News

Government to set up fund for stalled projects

Thousands of homebuyers were clueless about the funding of the projects. They would now get instant relief as the government is coming up with an idea to set up separate stressed fund to complete abandoned projects.

The Finance Ministry is planning to set up a separate stressed fund to provide immediate liquidity boost for thousands of dwelling units stuck in litigations and could not be completed due to cash crunch.

The Supreme Court, last month, had handed over the task of completing Amrapali projects to state-run National Buildings Construction Corporation Limited. However, thousands of homebuyers were clueless about the funding of the projects. They would now get instant relief as the government is coming up with an idea to set up separate stressed fund to the tune of Rs 10,000 crore to complete projects, which were abandoned earlier.