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Budget 2023
Budget 2023

SWAMIH Fund to deliver over 12,600 housing units spread across 26 projects within the next one year

Of the 26 housing projects, nine are located in Mumbai, seven in Delhi-NCR and the rest are spread across other Tier 1 and Tier 2 cities

Tasked with funding stuck projects across the country, SBICAP Ventures, the manager for the government's Rs 25,000-crore stressed-asset fund, will be delivering about 26 housing projects consisting of more than 12,600 homes within the next one year, said Dinesh Kumar Khara, chairman of State Bank of India.

As of now it has given preliminary approvals to 132 projects which would take care of 72,500 homes. Subsequent to all diligences, it has also given approval to 72 projects which will benefit 44,000 homes, he said.

“There are as many as 1.16 lakh homes in the pipeline spread across 100 projects which are being scrutinized at various levels,” he said at the ceremony to mark the handing over of 640 homes to homebuyers of Mumbai-based CCI Projects Pvt Ltd's maiden residential project Rivali Park which is among the first projects in the country to have received funding for stuck projects under the SWAMIH Fund.

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on May 13 handed over possession to 640 homebuyers virtually.