Govt fund for stalled housing projects to benefit for 1.16 lakh home buyers

New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund will benefit 1.16 lakh home loan borrowers whose housing projects were stalled due to last mile funding issues.

The FM has handed over possession to homebuyers virtually as government’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.

Addressing the virtual event, Finance Minister Smt. Sitharaman said she is very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic, She added.

The residential project - Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The Rs 25,000 crore-SWAMIH fund SWAMIH Fund was launched by Sitharaman in November 2019 to help complete over 1,500 stalled housing projects comprising 4.58 lakh housing units.

Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreens” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.

“In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund I today is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions,” an official release said.

The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes. This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.