Millions of Indian’s Dream Home Coming True; Government to bring reforms in housing sector

The government today announced several measures to boost exports and bring reforms in the housing sector. The Finance Minister announced a 10,000 crore rupees special window to provide last-mile funding for the completion of ongoing housing projects which are not NPAs or facing bankruptcy proceedings under NCLT(National Company Law Tribunal).

The government will contribute 10,000 crore rupees for the special window and roughly the same amount is expected from outside investors. The Minister added that this window will help in completion of affordable and middle-income housing projects and the fund will be managed by professionals.

Ms Sitharaman also said the interest rate on housing building advance will be lowered. External Commercial Borrowing, ECB, guidelines will also be relaxed to help housing developers obtain overseas funds.

ECB guidelines will be relaxed to facilitate the financing of homebuyers who are eligible under Pradhan Mantri Awas Yojna, in consultation with the RBI. The Minister said the objective is to focus on the construction of unfinished units.

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