Reviving housing

Investment will depend on how the AIF works

Taking forward Union Finance Minister Nirmala Sitharaman’s proposal, announced in September, to provide last-mile funding for stressed housing projects, the Union Cabinet on Wednesday approved setting up a Rs 25,000-crore alternative investment fund (AIF). According to the plan, the government will put Rs 10,000 crore in the fund, while State Bank of India (SBI) and Life Insurance Corporation (LIC) together will bring in another Rs 15,000 crore. The fund will be managed by SBICAP Ventures Ltd. As demanded by various stakeholders, the government has also included projects that have been declared non-performing assets and the ones going through the insolvency