Funding of Rs 10,300 cr approved for 101 stressed housing projects under SWAMIH

Noting that the SWAMIH Fund is working at a fast pace to provide relief to homeowners, it said, 22 projects with investment of Rs 3,472 crore were accorded final approval as on August 20, 2020 and will lead to completion of 20,380 home units. Last month, Finance Minister Nirmala Sitharaman held a review meeting to assess the progress of SWAMIH scheme.

The finance ministry on Friday said as many as 101 stressed housing projects have received Rs 10,300 crore sanction for completing their projects under Special Window for Affordable and Mid Income Housing (SWAMIH) scheme. This will enable the completion of 71,559 dwelling units across various parts of the country.

"Overall, 101 projects have been now sanctioned, including final approval to 22 projects, with an investment of Rs 10,300 crore (as on August 20) that would target to provide relief to 71,559 homeowners. So far 7 sites have activated construction plans with material and manpower," the finance ministry said in a tweet. Noting that the SWAMIH Fund is working at a fast pace to provide relief to homeowners, it said, 22 projects with an investment of Rs 3,472 crore were accorded final approval as on August 20, 2020, and will lead to the completion of 20,380 home units.

Last month, Finance Minister Nirmala Sitharaman held a review meeting to assess the progress of SWAMIH scheme. While reviewing the performance of SWAMIH, the minister had underlined the need for speedy efforts to complete the construction of projects for which last-mile funding has been sanctioned.

It is to be noted that the Union Cabinet last year approved setting up an alternative investment fund (AIF) worth Rs 25,000 crore to provide relief to developers with unfinished projects to ensure delivery of homes to buyers. While the government has earmarked Rs 10,000 crore towards the fund, Life Insurance Corporation of India and State Bank of India would also infuse money.

The government of India is the sponsor, while SBICAP Ventures Ltd (SVL) is the investment manager of this fund. The category II AIF aims to provide senior capital for last-mile funding to complete the construction of housing projects. According to the government's estimates around 4.58 lakh, stalled housing units are in India.