Housing projects to get fresh funding

Surabhi : New Delhi, Fri Jan 04 2013, 08:21 hrs

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The finance ministry is hopeful that the move will not only improve supply of housing but will also lead to softening of prices and improve credit offtake for such projects.

Bank credit to the housing sector has only risen by 7.5 per cent to Rs 2,667 crore by November-end 2012 against a the same month of the previous year, as per the latest RBI data.

Revival plan

The plan will not only include unfinished housing projects in metros and the National Capital Region but also in Tier II and Tier III cities and those for economically weaker sections

NHB chairman RV Verma has also written to chiefs of public sector banks on the issue, asking them to adopt a project and location specific approach to ensure optimum demand for housing units

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