The World Bank Group has tied up with HDFC Ltd to create an $800 million fund to finance construction of affordable homes. Property developers can borrow from this fund if they build houses that qualify as affordable ones under the Pradhan Mantri Awas Yojna (PMAY) for urban India. This fund will be managed by HDFC and will be available for five years. India needs to build 19.6 million affordable homes to provide housing for all. Experts said given the high debt of most developers, financial institutions are reluctant to lend.

Source: Hindustan Times November 16, 2017 17:15 UTC