Modi Govt's SWAMIH Initiative Completes First Stressed Housing Project, Targets Completion Of 1.16 Lakh Houses

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Thursday (13 May) virtually handed over possession to homebuyers of its first residential project completed by Government of India’s Special Window Affordable and Mid-Income Housing (SWAMIH).

The residential project - Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by the Modi government in November 2019.

Rivali Park Wintergreens is a large project spread over seven acres consisting of 708 units of various configurations. It is developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.

Addressing the virtual event, the Finance Minister said she is 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, She added.

This initiative will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement. Further, it will improve portfolios of Banks and NBFCs and significantly improve the economic sentiment in the nation.

In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes.

Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes. This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.