+
Govt hands over first residential project under SWAMIH Fund to buyers
Real Estate

Govt hands over first residential project under SWAMIH Fund to buyers

On Thursday, Minister of Finance Nirmala Sitharaman handed over possession of the Rivali Park project, located in suburban Mumbai, to buyers of the first residential project under the government's special window for affordable and mid-income housing (SWAMIH) fund.

The Rivali Park project was the first housing project in India to have received funding under the SWAMIH Fund.

While addressing a virtual event, Sitharaman said that the project will provide a momentum to the allied industries such as cement and steel and added that it would improve portfolios of banks and non-banking financial companies (NBFCs).

The SWAMIH Fund so far has given its final nod to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. The target is to complete an aggregate of 116,600 homes.

As we have reported earlier, the Indian government had set up a Rs 25,550 crore fund, SWAMIH was set to deliver its first set of finished apartments in 2021, which comes as a relief for thousands of affected home buyers and bankrupt developers.

SWAMIH fund was announced in November 2019. It is a social impact fund to complete the construction of stalled housing projects in India.

Image Source


Also read: Govt sets up fund for stalled housing projects

Also read: Alternate Investment Fund for stalled housing projects

On Thursday, Minister of Finance Nirmala Sitharaman handed over possession of the Rivali Park project, located in suburban Mumbai, to buyers of the first residential project under the government's special window for affordable and mid-income housing (SWAMIH) fund. The Rivali Park project was the first housing project in India to have received funding under the SWAMIH Fund. While addressing a virtual event, Sitharaman said that the project will provide a momentum to the allied industries such as cement and steel and added that it would improve portfolios of banks and non-banking financial companies (NBFCs). The SWAMIH Fund so far has given its final nod to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. The target is to complete an aggregate of 116,600 homes. As we have reported earlier, the Indian government had set up a Rs 25,550 crore fund, SWAMIH was set to deliver its first set of finished apartments in 2021, which comes as a relief for thousands of affected home buyers and bankrupt developers. SWAMIH fund was announced in November 2019. It is a social impact fund to complete the construction of stalled housing projects in India. Image SourceAlso read: Govt sets up fund for stalled housing projects Also read: Alternate Investment Fund for stalled housing projects

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?