Govt hands over first residential project under SWAMIH Fund to buyers

14 May 2021 CW Team

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

Real Estate

05 Dec 2025

RBI Rate Cut Boosts Confidence Across Housing Market

Industry Context and Market DynamicsThe real estate industry has welcomed the RBI’s rate cut as a timely boost to affordability and demand. With home prices having risen steadily across major markets, even a marginal reduction in interest rates meaningfully strengthens purchasing power, especially for first-time and mid-income buyers.Ashish Jerath, President – Sales & Marketing, Smartworld Developers, observes:“The RBI’s 25-basis-point cut, bringing the repo rate down to 5.25%, is a timely boost for the real estate sector. Lower interest rates reduce borrowing costs, enabling homeb..

BMC Resumes Rs 170 Billion Road Works, Targets 80 per cent By Jan 2026

Following the withdrawal of the southwest monsoon in October, the Brihanmumbai Municipal Corporation (BMC) has restarted work on 645 roads—covering 297.49 kilometres—under its large-scale concretisation programme. Data shows that more than 60 per cent of the resumed works are located in the western suburbs. Officials said the civic body aims to complete concretisation on 80 per cent of the roads where fresh work has begun by January 2026. Launched in 2022, the Rs 170 billion project seeks to concretise 700 kilometres of roads across Mumbai. All civil works were halted during the monsoon ..

India Pushes Digital Shift In Urban Land Mapping

The Department of Land Resources (DoLR) under the Ministry of Rural Development has convened a National Symposium on NAKSHA – the National Geospatial Knowledge-based Land Survey of Urban Habitations – to advance India’s transition to modern, technology-driven land mapping. Speaking at the inaugural session, Secretary Manoj Joshi underscored the urgent need to move revenue departments away from outdated, tape-based methods and rough hand-drawn sketches. He stressed that adopting latitude–longitude-based digital mapping and GIS-linked registration systems is essential for economic stabi..