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.
Many real estate projects across the country were stalled due to fund crunch. To address this issue, the government, in November 2019, announced the Rs 25,000-crore SWAMIH fund to help complete over 1,500 stalled housing projects comprising 4.6 lakh housing units.
Recalling that 2019 was a very testing time for the real estate sector, the minister said the industry was cash-strapped and banks, because of the very inherent stress, would not lend money to them. So, Sitharaman said many of the projects that were near completion or two-thirds completed were stalled because of last-mile funding issues, she said. Departments of the government and SBICap, despite Covid, worked relentlessly in getting the stalled projects completed and handing over possession to home loan borrowers, she said at a virtual event to mark handing over of keys to more than 600 homebuyers of Rivali Park of Mumbai. This is the first stalled project completed with funding by SWAMIH Fund, which is managed by SBICap Ventures. The department of economic affairs administers the scheme.
As many as 72 projects with 44,115 dwelling units have got funding of Rs 6,995 crore under SWAMIH Fund I and 132 preliminary approvals have been given for 132 projects
Many real estate projects across the country were stalled due to fund crunch. To address this issue, the government, in November 2019, announced the Rs 25,000-crore SWAMIH fund to help complete over 1,500 stalled housing projects comprising 4.6 lakh housing units.
Recalling that 2019 was a very testing time for the real estate sector, the minister said the industry was cash-strapped and banks, because of the very inherent stress, would not lend money to them. So, Sitharaman said many of the projects that were near completion or two-thirds completed were stalled because of last-mile funding issues, she said. Departments of the government and SBICap, despite Covid, worked relentlessly in getting the stalled projects completed and handing over possession to home loan borrowers, she said at a virtual event to mark handing over of keys to more than 600 homebuyers of Rivali Park of Mumbai. This is the first stalled project completed with funding by SWAMIH Fund, which is managed by SBICap Ventures. The department of economic affairs administers the scheme.
As many as 72 projects with 44,115 dwelling units have got funding of Rs 6,995 crore under SWAMIH Fund I and 132 preliminary approvals have been given for 132 projects
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