The Indian government has set up a $3.5 billion special fund to facilitate completion of stalled affordable housing projects across the country, a government official said on Thursday, February 25.
The sources said that fund will be utilized to complete an estimated 16 affordable housing projects involving 4,000 homes and deliver them to customers during the fiscal year 2020-21.
The government has estimated that housing projects worth $63 billion have been stalled across the country, with builders unable to service their debt liabilities and banks forced to write off loans.