SWAMIH Fund has completed more than 1,500 homes in the last six months. It is currently on track to complete at least 10,000 homes every year in the next three to four years, finance ministry tweeted.
The government-backed SWAMIH Investment Fund I on December 10 achieved another closure of a stressed project in Bhiwandi in Rajasthan as it helped complete 100 housing units of the project Oxirich Sunskriti II.
Suresh Kozhikote, MD, SBICAP Ventures, handed over the keys to the relieved homebuyers on December 10.
“Within a period of six months, SWAMIH funding has made it possible to complete the construction of 100 units in two towers of Oxirich Sunskriti II, out of 700 units across 6 towers. This is the Fund’s 1st project handover in Bhiwadi, Rajasthan,” the finance ministry tweeted.
“Special Window for Affordable & Mid-Income Housing Fund (SWAMIH) provides relief to homeowners. As many as 243 projects with investment of Rs 22,972 crore have been sanctioned and will benefit 1,41,045 homebuyers,” the ministry tweeted.
SWAMIH Fund has completed more than 1,500 homes in the last six months. It is currently on track to complete at least 10,000 homes every year in the next three to four years, it tweeted.
"SWAMIH funding provides adequate capital along with constant and direct supervision of project expenditure to ensure project completion. SWAMIH funding also serves as a catalyst for additional cash flows through increased collections and sales," the finance ministry said in a series of tweets.
Project was stressed due to paucity of cash flows. Funding commitment by GOI’s SWAMIH Fund has resulted in the project’s revival, providing relief to distressed homebuyers and direct employment to more than 250 people, the ministry tweeted.
In October 2021, SWAMIH Investment Fund I has made a complete exit from its investment in Mumbai's CCI Rivali Park Wintergreen housing project.In November 2019, the central government launched the SWAMIH Investment Fund to help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings. The move was to help 4.58 lakh housing units across the country. Only RERA-registered projects with a positive net worth are to be provided funding.