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SWAMIH fund allots Rs 200 cr for housing projects in three cities
Government-backed Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH-I) has approved investments of around Rs 200 crore in three stressed housing projects in Mumbai, Thane, and Jaipur.
The financing of the last mile of these three projects will help in the construction and delivery of houses to more than 1,700 homebuyers.
The project in Mumbai is being built by Raghvendra Constructions and has almost 200 apartments, including 70 tenants. In Thane, the project is taken by Arvij Builders, which has nearly 100 apartments, including tenants and new homebuyers.
Jaipur's affordable housing project, Surya Residency, has sold 800 apartments till now out of the total inventory.
The recent fund sanction worth Rs 100 crore to Ansal Housing's project Ansal Highland Park in Gurgaon. Before, the fund approved an investment of Rs 171 crore in April in Dehradun's Windlass Developer's Township project, Windlass River Valley.
The fund has approved preliminary and final approval of 213 projects of Rs 17,000 crore. Finance Minister Nirmala Sitharaman announced SWAMIH as an Alternative Investment Fund (AIF) in 2019, and the cabinet approved it in November 2019.
The fund is expected to help 1.16 lakh families to get their homes, Sitharaman said while handling the possession of the residential project in Mumbai's Borivali, the first to be completed under the SWAMIH fund. The fund is expecting to complete 25 stressed projects and deliver 12,617 homes by the next 12 months.
The federal fund has approved 80 projects that will help completion of 50,000 stalled homes in the country, and a total of 133 projects have received preliminary sanctions and expects to complete 71,000 additional homes.
Given headwinds in the real estate sector and the scenario post-pandemic, the finance assumes significant scarcity of capital from alternate sources, and SWAMIH I investment fund has been a key enabler for many projects in the last-mile liquidity support.
Also read: Govt hands over first residential project under SWAMIH Fund to buyers
Also read: Govt sets up fund for stalled housing projects
