According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
Stalled Real Estate Projects: "As of November 16, 2023, under SWAMIH, 342 proposals aggregating to Rs 37,554 crore have been approved and this will benefit around 2,18,699 homebuyers and unlock projects worth Rs 94,367 crore," the minister said.
A communication in this regard was sent out to banks last month, people familiar with the matter told ET. The government had in 2019 set up a Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund to help complete stalled housing projects.
Eleva, the company’s new division, will also focus on stalled or stuck real estate projects and provide development, construction, design, marketing, and sales-oriented solutions to real estate companies.
The Reserve Bank of India (RBI) has informed banks that additional housing loans for stalled real estate projects, revived under the government s Special Window for Affordable and Mid-Income Housing (SWAMIH) scheme, can be considered standard loans. This move aims to support the completion of stalled projects. However, the borrower must not own more than two residential properties in a stalled project, and failure to meet payment terms will revert the account to non-performing status.