Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Finance Minister Nirmala Sitharaman Hints at More Sops for Housing Sector

She said that real estate has a spillover effect on many sectors, hence addressing its issues will benefit industries such as cement and steel, who are the major suppliers.


Updated:November 6, 2019, 10:05 AM IST
facebookTwitter Pocket whatsapp
Finance Minister Nirmala Sitharaman Hints at More Sops for Housing Sector
File photo of Finance Minister Nirmala Sitharaman. (PTI)

New Delhi: Dropping a hint that a big boost to the realty sector maybe on the cards, Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector.

"The government is working together with the RBI to see how best we can tweak the existing norms wherever necessary to help the realty sector," she said at an NSE event, without categorically spelling out what this could mean. Sitharaman also admitted that the issues facing the real estate sector have not been addressed fully which is a cause of concern since it has a spillover effect on many sectors.

Since August, the government has been taking various steps to revive the market and consumption demand, the minister said. Recently, the government cut corporate tax rate to 22 per cent, which involved an outgo of Rs 1.45 lakh crore.

Real estate developers are finding it difficult to raise funds after the default by the IL&FS group that triggered a liquidity crisis in the economy.This was aggravated by the economic slowdown, which at one hand caused huge inventory pile-up due to lack of demand and also brought ongoing projects to a standstill due to lack of funds.

"There are many alternative funds which are now approaching us, saying we would like to do something with you as long as some supporting mechanism is available for reviving the realty sector," she said.

The Finance Minister said that home buyers are looking up to the government to help complete the stalled projects through policy decisions.

In September, Sitharaman had announced the creation of a Rs 20,000 crore special fund to provide financing to the stalled affordable and middle-income housing projects in the country.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results