‘Stalled projects’ completion is stimulus’
The Hindu
Centre’s push to help fund stranded housing projects lends boost to realty, core sectors: Sitharaman
Finance Minister Nirmala Sitharaman on Thursday said the government’s efforts to help finish stranded housing projects would serve as a ‘sustained stimulus’ for the ailing real estate sector and drive demand in core sectors including cement and steel. Speaking at the virtual handing over of apartments to 640 households following the completion of the first stalled residential project funded through the Special Window for Affordable & Mid-Income Housing (SWAMIH) in Mumbai, Ms. Sitharaman said that the project, completed over 18 months despite the COVID-19 pandemic, indicated ‘positivity’ for the realty sector. “I remember, in 2019, the number of families that kept calling the Prime Minister and the representations that kept coming to us about the bank loans they had taken, the EMIs they had to pay,” the minister said. “2019 was a very testing time for us on this particular score, because the real estate industry was going through a stressed time, they were cash-strapped,” she added.
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