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 SourceAlso read: Govt sets up fund for stalled housing projects Also read: Alternate Investment Fund for stalled housing projects