‘Stalled hsg projects fund to benefit 1.2L homebuyers’
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‘Stalled hsg projects fund to benefit 1.2L homebuyers’
PTI / May 14, 2021, 07:10 IST
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NEW DELHI: Finance minister Nirmala Sitharaman on Thursday said the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund will benefit 1.16 lakh home loan borrowers, whose housing projects were stalled due to last-mile funding issues.
Many real estate projects across the country were stalled due to fund crunch. To address this issue, the government, in November 2019, announced the Rs 25,000-crore SWAMIH fund to help complete over 1,500 stalled housing projects comprising 4.6 lakh housing units.
Recalling that 2019 was a very testing time for the real estate sector, the minister said the industry was cash-strapped and banks, because of the very inherent stress, would not lend money to them. So, Sitharaman said many of the projects that were near completion or two-thirds compl
Sitharaman hands over houses to buyers of first SWAMIH project ANI | Updated: May 13, 2021 19:09 IST
New Delhi [India], May 13 (ANI): Union Finance Minister Nirmala Sitharaman on Thursday handed over possession to home buyers upon completion of the first residential project of the Centre s Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund.
The residential project - Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund.
Addressing the virtual event, the Finance Minister said: I am very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic.
Reviving stressed housing projects to improve economic sentiment: Sitharaman Government stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings, Sitharaman said.
Ashutosh Kumar | May 13, 2021 | Updated 19:42 IST
Nirmala Sitharaman, Union Finance Minister
Finance Minister Nirmala Sitharaman today said that revival of the stressed real estate projects will improve the economic sentiment in the country. Sitharaman also said that revival of stalled projects will also help improve the portfolios of banks and non-banking finance companies (NBFCs).
FM made the remark during a virtual event in which possession was handed over to homebuyers of a Mumbai-based stalled residential realty project, Rivali Park, completed by the government s stressed asset fund Special Window for Affordable & Mid-Income Housing (SWAMIH). This is the first residential project completed by S
The residential project - 'Rivali Park', situated in suburban Mumbai, was the first housing project in the country to have received funding under the government's SWAMIH Fund.
Finance Minister hands over first batch of 640 houses funded under special window
May 13, 2021
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Over 12,600 flats will be completed in coming year under the scheme for stalled projects
Over 640 home buyers, under a Central-government funded affordable and middle income housing scheme, took delivery of their houses on Thursday.
Over the next one year over 12,600 flats will be handed over under the scheme, Special Window for Affordable & Mid-Income Housing Fund , a last mile funding facility sponsored by the Central Government. It has supported over 26 projects all over the country
On Thursday, Finance Minister Nirmala Sitharaman virtually handed over the keys to the 640 home buyers under the first project funded under the special window. The project Rivali Park in Mumbai got around funding of ₹120 crore and completed the project in one year.