MUMBAI (NewsRise) -- India's plan to set up a fund to complete stalled housing projects may be too little, too late to boost demand in the cash-strapped residential market reeling under weak consumer sentiment and slowing investments.
On Saturday, the government said a fund worth 100 billion rupees ($1.41 billion) will be available to complete unfinished lower-and middle-income housing projects, while a similar amount will come in from private investors or state-owned investment companies. However, the funds are not available for projects that are deemed nonperforming or into bankruptcy proceedings.
