The fund, established under the Special Window for Affordable and Mid Income Housing (SWAMIH), has given final approval to investments of Rs 10,992 crore in 111 projects while a preliminary nod has been given to 141 projects involving investments of Rs 13,159 crore. .
A government-backed alternative investment fund (AIF) established in late 2019 to expand last-mile funding to complete stalled housing projects has sanctioned Rs 24,151 crore for 252 projects, according to data from the Ministry of Finance. This will enable the completion of 147,378 homes across the country.
The fund, established under the Special Window for Affordable and Mid Income Housing (SWAMIH), has given final approval to investments of Rs 10,992 crore in 111 projects while a preliminary nod has been given to 141 projects involving investments of Rs 13,159 crore. . The total cost of the 252 projects including investment by the private developers is Rs 64,536 crore.
Sources told FE that some of the projects that have received final approval for funds are Highland Park (Ansal Housing) in Gurgaon; Naman Premier (Naman Group) at Andheri in East Mumbai; Upper Thane Project (Lodha Developers); Primera (Ramprastha group) in Gurgaon; Asha Bahadurgarh (Essel) in the National Capital Region; Mantri Serenity (Mantri developers) in Bengaluru; Lake Grove (TDI) in Sonepat; and Vedantam minaret (Magnus) at Indirapuram in Delhi.
“Final approval for funding of 12 projects, with an investment of more than Rs 1,100 crore, has been granted in the past three months,” said one of the sources, adding that the fund has been a “great help to home buyers, who suffered to stalled projects”.
The SWAMIH fund has already delivered more than 4,000 homes in the past year. The Treasury Department expects at least 10,000 homes to be completed each year for three to four years.
The projects supported are spread across a wide mix of markets including metros and Tier-2 locations such as Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag and Chandigarh.
Finance Minister Nirmala Sitharaman had virtually handed over the property to 640 homebuyers in May 2021 after their stalled housing project, Rivali Park in suburban Mumbai, was completed. It was the first housing project to receive support from the SWAMIH Fund.
In December 2021, the fund saw another success story with the completion of the first phase of the Oxirich Sunskriti II project in Bhiwadi, Rajasthan. Suresh Kozhikote, director of SBICAP Ventures, which is entrusted by the government with the management of this AIF, handed over the keys to the home buyers.
On Monday, the second phase of Panchsheel Greens 2 in Greater Noida was completed, thanks to funding from the AIF. Ashwini Kumar Tewari, managing director (international banking, tech & subsidiaries) at SBI and Kozhikote handed over the keys to home buyers.
The SWAMIH fund raised Rs 10,530 crore from 14 investors including LIC, HDFC and SBI when it first closed in December 2019. The plan was to have a fund of Rs 25,000 crore, with a contribution from the government and other investors.
The government had pledged Rs 10,000 crore for this purpose to kick-start the investment cycle in residential projects and provide homes to people affected by the double whammy of undelivered homes and regular repayment of home loans. It also had to boost private consumption once the houses are completed.
According to an industry estimate at the end of 2019, a staggering 4.58 lakh homes suffered from delayed completion of 1,509 stalled projects.
This post More than 250 stalled housing projects get Rs 24,151 crore financing aid was original published at “https://www.financialexpress.com/industry/over-250-stuck-housing-projects-get-rs-24151-crore-funding-support/2467194/”