The government on Wednesday approved a Rs 25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared bad loans or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors. 

Continuing with measures that Nirmala Sitharaman began announcing within a month of Parliament approving her maiden Budget, she said that the alternative investment fund (AIF) will comprise Rs 10,000 crore coming from the government and the remaining being provided by state insurer LIC and the country's largest lender State Bank of India (SBI). 

The AIF, which was first announced by Sitharaman on September 14, will act as a 'special window' to provide loans to over 1,600 incomplete affordable and middle-lower income housing projects. 

In all, 4.58 lakh housing units are being targeted to be completed with a view to generate employment as well as revive demand of cement, iron and steel industries. 

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