Current Affairs

Union Cabinet approved Rs 25,000 crore for Stalled Housing Projects

Current context: The union cabinet in its meeting on 6th November has decided to set up Rs 25,000 fund to revive stalled housing projects.
Union Cabinet approved Rs 25,000 crore for Stalled Housing Projects
  • The fund is being provided to complete a set of unfinished projects due to non-availability of the fund to developers, and consequently ensure delivery of homes to a large number of home-buyers.
  • It will finance over 1,600 stalled housing projects that comprise 4.58 lakh housing units across the country.
  • The government shall act as the sponsor and the funds are provided as:
    • Rs 10,000 crore will be put in as Category-II Alternative Investment Fund (AIF) registered with SEBI.
    • Rs 15,000 crore will be provided by the State Bank of India (SBI) and Life Insurance Corporation (LIC).
    • The AIF would be entrusted to professional Investment Managers.
    • Projects declared as non-performing assets and those undergoing insolvency at the National Company Law Tribunal (NCLT) are included for financing.

Question:

Q.1 The Central government has recently set up Rs ________ fund to revive stalled housing projects in the country?
a. Rs 1 lakh crore
b. Rs 50,000 crore
c. Rs 25,000 crore
d. Rs 10,000 crore
Union Cabinet approved Rs 25,000 crore for Stalled Housing Projects Union Cabinet approved Rs 25,000 crore for Stalled Housing Projects Reviewed by Neha Verma on November 07, 2019 Rating: 5

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